
.  use town_restat, clear;

.  * eliminate some towns due to data problems - Orford and Hanover are eliminated because they are cross-state districts
>  * and suffer from clear longitudinal inconsistency, Seabrook if dropped due to uncertainty surrounding the taxing of 
>  * the nuclear power plant;
.  drop if nhid == 744;
(15 observations deleted)

.   * Hanover;
.  drop if nhid == 843;
(15 observations deleted)

.   * Orford;
.  drop if nhid == 2009;
(15 observations deleted)

.  * Seabrook;
.  * define the covariates;
.  local covar = "sf3_pnwhite sf3_unemp sf3_ppov sf3_phs sf3_pcol sf3_sr95 rtot98 rtot982 sf3_hai sf3_hmi*";

.   sort nhid year;

.  tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 90 to 104
                delta:  1 unit

.  quietly tab nhid, gen(towfe);

.   preserve;

.  for num 89 91 93 95 97 99 101 103 : drop if year == X;

->  drop if year == 89
(0 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 95
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 101
(242 observations deleted)

->  drop if year == 103
(241 observations deleted)

.  drop if year > 100;
(493 observations deleted)

.  bysort nhid : egen c = count(c_l_ass_sch_rtot);

.  tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         24        1.68        1.68
          2 |         16        1.12        2.81
          4 |          6        0.42        3.23
          5 |      1,380       96.77      100.00
------------+-----------------------------------
      Total |      1,426      100.00

.  gen balance = (c == 5);

.  tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 90 to 100, but with gaps
                delta:  1 unit

.  sort nhid year;

.  **************************;
.  * Two - Year Differences *;
.  **************************;
.   *****************;
.   * OLS - Table 3 *;
.   *****************;
.   * (1) full;
.   reg s2.c_l_ass_sch_rtot s2.c_strp_l_rtot s2.c_exc_rtot c_utax4_rtot c_rrev_rtot
>          c_stnobuild100_rtot yearfe* 
>          if admr_200 & balance, cluster(d_nhid);
note: yearfe1 omitted because of collinearity
note: yearfe2 omitted because of collinearity
note: yearfe3 omitted because of collinearity
note: yearfe4 omitted because of collinearity
note: yearfe6 omitted because of collinearity
note: yearfe8 omitted because of collinearity
note: yearfe10 omitted because of collinearity
note: yearfe11 omitted because of collinearity
note: yearfe12 omitted because of collinearity
note: yearfe13 omitted because of collinearity
note: yearfe14 omitted because of collinearity
note: yearfe15 omitted because of collinearity

Linear regression                                      Number of obs =     640
                                                       F(  8,   123) =   37.63
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4202
                                                       Root MSE      =  550.69

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.4959668   .0855664    -5.80   0.000    -.6653404   -.3265933
             |
  c_exc_rtot |
         S2. |   .1094606    .095664     1.14   0.255    -.0799005    .2988216
             |
c_utax4_rtot |   1.261333   .7623733     1.65   0.101    -.2477381    2.770404
 c_rrev_rtot |   .3948882    .532395     0.74   0.460    -.6589549    1.448731
c_stn~0_rtot |   .4692301   .9419388     0.50   0.619     -1.39528     2.33374
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   304.4295   162.9813     1.87   0.064    -18.18197    627.0411
     yearfe6 |  (omitted)
     yearfe7 |   278.0411   187.9212     1.48   0.142     -93.9374    650.0197
     yearfe8 |  (omitted)
     yearfe9 |   387.4538   146.5407     2.64   0.009     97.38537    677.5221
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |  -242.4205    162.204    -1.49   0.138    -563.4934    78.65247
------------------------------------------------------------------------------

.   tab year if e(sample);

fiscal year |      Freq.     Percent        Cum.
------------+-----------------------------------
         94 |        160       25.00       25.00
         96 |        160       25.00       50.00
         98 |        160       25.00       75.00
        100 |        160       25.00      100.00
------------+-----------------------------------
      Total |        640      100.00

.   **********************;
.   * IV - Table 4 and 5 *;
.   **********************;
.   * (1) full;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild100_rtot yearfe* 
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  8,   123) =   60.37
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.3841
                                                       Root MSE      =  567.58

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.8120785   .0742085   -10.94   0.000    -.9589697   -.6651874
             |
  c_exc_rtot |
         S2. |  -.0774144   .0715426    -1.08   0.281    -.2190285    .0641998
             |
c_utax4_rtot |   .8629793   .8151556     1.06   0.292    -.7505713     2.47653
 c_rrev_rtot |   .5314808   .5313182     1.00   0.319    -.5202309    1.583193
c_stn~0_rtot |   1.305857   .9434895     1.38   0.169    -.5617228    3.173437
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   27.29791   93.28869     0.29   0.770    -157.3613    211.9572
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   161.6819   84.24493     1.92   0.057    -5.075777    328.4396
    yearfe10 |  (omitted)
    yearfe11 |    199.087    188.367     1.06   0.293    -173.7739     571.948
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   29.81279   59.66925     0.50   0.618    -88.29882    147.9244
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   test s2.c_exc_rtot + s2.c_strp_l_rtot = -1;

 ( 1)  S2.c_strp_l_rtot + S2.c_exc_rtot = -1

       F(  1,   123) =    0.71
            Prob > F =    0.4010

.   * (2) district trends;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)   
>                              c_stnobuild100_rtot yearfe* *towfe* 
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  7,   123) =       .
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4930
                                                       Root MSE      =  595.39

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.7707042   .0950295    -8.11   0.000    -.9588093   -.5825991
             |
  c_exc_rtot |
         S2. |  -.1002158   .0844612    -1.19   0.238    -.2674015      .06697
             |
c_utax4_rtot |   .6167543   1.005072     0.61   0.541    -1.372725    2.606233
 c_rrev_rtot |   .2561437   .8033806     0.32   0.750    -1.334099    1.846386
c_stn~0_rtot |   1.538352   1.390548     1.11   0.271    -1.214152    4.290856
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   27.17887   105.2648     0.26   0.797    -181.1864    235.5442
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   154.8406   93.14136     1.66   0.099    -29.52699    339.2082
    yearfe10 |  (omitted)
    yearfe11 |   170.1167   214.9522     0.79   0.430     -255.368    595.6015
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |  -270.1714   104.5861    -2.58   0.011    -477.1932   -63.14956
      towfe2 |  -277.2245   98.49285    -2.81   0.006    -472.1851   -82.26399
      towfe3 |   27.45964     95.924     0.29   0.775     -162.416    217.3353
      towfe4 |  (omitted)
      towfe5 |  -189.5379   113.5939    -1.67   0.098      -414.39    35.31423
      towfe6 |   36.38689     100.63     0.36   0.718     -162.804    235.5778
      towfe7 |   -129.803   98.33322    -1.32   0.189    -324.4476    64.84158
      towfe8 |  -440.0621   121.7639    -3.61   0.000    -681.0863   -199.0379
      towfe9 |  -97.13197    96.3404    -1.01   0.315    -287.8319    93.56794
     towfe10 |  -125.8205   109.2851    -1.15   0.252    -342.1436    90.50258
     towfe11 |   -227.451   105.6468    -2.15   0.033    -436.5723    -18.3297
     towfe12 |  (omitted)
     towfe13 |  -557.2584    83.2337    -6.70   0.000    -722.0144   -392.5024
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |  -524.6385   105.0103    -5.00   0.000    -732.4999   -316.7771
     towfe17 |  (omitted)
     towfe18 |   -401.904    94.2556    -4.26   0.000    -588.4772   -215.3308
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   41.87539   100.3021     0.42   0.677    -156.6665    240.4173
     towfe23 |  (omitted)
     towfe24 |  -298.0537   95.35201    -3.13   0.002    -486.7971   -109.3102
     towfe25 |  (omitted)
     towfe26 |   208.2584   100.6068     2.07   0.041     9.113306    407.4035
     towfe27 |  -330.3322   48.38157    -6.83   0.000    -426.1006   -234.5638
     towfe28 |  -312.6627   98.46247    -3.18   0.002    -507.5632   -117.7623
     towfe29 |  -202.9828   113.3751    -1.79   0.076    -427.4019    21.43627
     towfe30 |  -306.8116    98.4821    -3.12   0.002    -501.7509   -111.8723
     towfe31 |  -129.4482   102.1304    -1.27   0.207    -331.6092    72.71271
     towfe32 |   774.5761   132.4069     5.85   0.000     512.4848    1036.667
     towfe33 |  -199.8891   98.32819    -2.03   0.044    -394.5237   -5.254469
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |  -34.99416   99.49462    -0.35   0.726    -231.9377    161.9493
     towfe37 |  -394.5154   97.76397    -4.04   0.000    -588.0332   -200.9977
     towfe38 |   149.4449   107.4658     1.39   0.167    -63.27696    362.1668
     towfe39 |  -154.5508   95.57447    -1.62   0.108    -343.7346      34.633
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |  -116.4981   96.76554    -1.20   0.231    -308.0396    75.04333
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |   17.98678   97.04998     0.19   0.853    -174.1177    210.0913
     towfe49 |   34.47098   105.4741     0.33   0.744    -174.3086    243.2506
     towfe50 |  -451.0082   106.9894    -4.22   0.000    -662.7872   -239.2292
     towfe51 |  -502.6645   119.1538    -4.22   0.000     -738.522   -266.8069
     towfe52 |   104.8171   107.0267     0.98   0.329    -107.0356    316.6698
     towfe53 |  -123.6036   107.4379    -1.15   0.252    -336.2704    89.06321
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |   -193.643    100.361    -1.93   0.056    -392.3015    5.015551
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |   24.70412   135.9877     0.18   0.856    -244.4753    293.8835
     towfe62 |  (omitted)
     towfe63 |  -102.9788   98.35728    -1.05   0.297     -297.671    91.71342
     towfe64 |  -309.7141    113.325    -2.73   0.007     -534.034   -85.39408
     towfe65 |  -255.8477   116.2688    -2.20   0.030    -485.9948   -25.70073
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  (omitted)
     towfe73 |  -127.9707   99.34309    -1.29   0.200    -324.6142    68.67288
     towfe74 |   202.3218   107.2144     1.89   0.062    -9.902443    414.5461
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |  -67.28735   96.40446    -0.70   0.487    -258.1141    123.5394
     towfe78 |  (omitted)
     towfe79 |  -113.3204   95.25666    -1.19   0.236    -301.8751    75.23435
     towfe80 |  -128.2831   97.83203    -1.31   0.192    -321.9356    65.36938
     towfe81 |   -61.8728    95.8032    -0.65   0.520    -251.5094    127.7638
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |  -340.2575   103.9585    -3.27   0.001    -546.0369    -134.478
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |  -207.4798   94.81787    -2.19   0.031     -395.166   -19.79363
     towfe90 |  (omitted)
     towfe91 |    217.968   105.9945     2.06   0.042     8.158281    427.7776
     towfe92 |  (omitted)
     towfe93 |   40.76171   108.3877     0.38   0.708     -173.785    255.3084
     towfe94 |  (omitted)
     towfe95 |  -.3554529   113.5005    -0.00   0.998    -225.0227    224.3117
     towfe96 |    165.969   132.5568     1.25   0.213    -96.41914    428.3571
     towfe97 |  (omitted)
     towfe98 |   259.6584   107.8813     2.41   0.018     46.11394    473.2029
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |  -409.0005   97.84474    -4.18   0.000    -602.6782   -215.3228
    towfe103 |   315.2756   95.19885     3.31   0.001     126.8353    503.7159
    towfe104 |  (omitted)
    towfe105 |  -272.7264   98.47752    -2.77   0.006    -467.6566    -77.7962
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |  -333.6403   100.5179    -3.32   0.001    -532.6093   -134.6713
    towfe111 |  -394.6316   93.29899    -4.23   0.000    -579.3112    -209.952
    towfe112 |  -306.3095   106.3387    -2.88   0.005    -516.8004   -95.81853
    towfe113 |  -228.8968   97.87049    -2.34   0.021    -422.6254   -35.16812
    towfe114 |  -375.1426   100.4114    -3.74   0.000    -573.9009   -176.3843
    towfe115 |  -218.9375   93.65524    -2.34   0.021    -404.3223    -33.5527
    towfe116 |   -116.291   99.11736    -1.17   0.243    -312.4878    79.90572
    towfe117 |  -424.5605   98.24561    -4.32   0.000    -619.0317   -230.0893
    towfe118 |  -473.8101   94.40496    -5.02   0.000    -660.6789   -286.9412
    towfe119 |  -248.0703   96.64604    -2.57   0.011    -439.3752   -56.76535
    towfe120 |   93.30041   104.9896     0.89   0.376      -114.52    301.1209
    towfe121 |  -37.99734   94.54616    -0.40   0.688    -225.1457     149.151
    towfe122 |  -167.5742   109.2258    -1.53   0.128    -383.7799    48.63149
    towfe123 |   -325.266   98.85098    -3.29   0.001    -520.9355   -129.5965
    towfe124 |  -175.0721   96.16575    -1.82   0.071    -365.4263     15.2821
    towfe125 |  -145.4473   94.49597    -1.54   0.126    -332.4963    41.60163
    towfe126 |  -278.9021   96.19791    -2.90   0.004      -469.32   -88.48425
    towfe127 |  (omitted)
    towfe128 |  -214.7045   96.31802    -2.23   0.028    -405.3601   -24.04886
    towfe129 |    -269.92   99.67698    -2.71   0.008    -467.2245   -72.61553
    towfe130 |    -544.87   99.85114    -5.46   0.000    -742.5192   -347.2207
    towfe131 |   -317.398   96.79144    -3.28   0.001    -508.9907   -125.8053
    towfe132 |  -173.1767   97.20332    -1.78   0.077    -365.5847    19.23129
    towfe133 |  -352.9005   94.49888    -3.73   0.000    -539.9552   -165.8457
    towfe134 |  -310.2308   98.47882    -3.15   0.002    -505.1636    -115.298
    towfe135 |  -111.3864   115.7918    -0.96   0.338    -340.5892    117.8164
    towfe136 |  (omitted)
    towfe137 |  -414.9588   94.50988    -4.39   0.000    -602.0353   -227.8823
    towfe138 |  -550.6434   95.67308    -5.76   0.000    -740.0224   -361.2644
    towfe139 |   89.11484   97.11931     0.92   0.361    -103.1269    281.3566
    towfe140 |  (omitted)
    towfe141 |  -319.3773   103.4664    -3.09   0.003    -524.1827    -114.572
    towfe142 |  -36.35908   98.93994    -0.37   0.714    -232.2046    159.4865
    towfe143 |   106.9879   96.92079     1.10   0.272    -84.86089    298.8366
    towfe144 |  -343.2873   119.7986    -2.87   0.005    -580.4213   -106.1532
    towfe145 |  -466.5162   99.91091    -4.67   0.000    -664.2838   -268.7487
    towfe146 |   264.6633    101.541     2.61   0.010     63.66913    465.6575
    towfe147 |   83.51163   101.8329     0.82   0.414    -118.0603    285.0836
    towfe148 |   -276.765   99.35564    -2.79   0.006    -473.4334   -80.09659
    towfe149 |  (omitted)
    towfe150 |   -369.067   163.0104    -2.26   0.025    -691.7361    -46.3978
    towfe151 |  -119.5262   101.2863    -1.18   0.240    -320.0161    80.96381
    towfe152 |   48.92244   95.32592     0.51   0.609    -139.7694    237.6142
    towfe153 |   -491.711      96.24    -5.11   0.000    -682.2122   -301.2098
    towfe154 |  (omitted)
    towfe155 |  -297.7256   102.3352    -2.91   0.004    -500.2919   -95.15937
    towfe156 |  -278.5655   99.41393    -2.80   0.006    -475.3493   -81.78169
    towfe157 |   31.00484   96.71913     0.32   0.749    -160.4448    222.4544
    towfe158 |   84.73278   101.8092     0.83   0.407    -116.7922    286.2578
    towfe159 |    334.116   68.94393     4.85   0.000     197.6457    470.5863
    towfe160 |   33.23976   94.15606     0.35   0.725    -153.1364    219.6159
    towfe161 |   102.5598    94.1509     1.09   0.278    -83.80616    288.9257
    towfe162 |  -162.7267   95.67195    -1.70   0.091    -352.1035    26.65005
    towfe163 |  (omitted)
    towfe164 |  -468.3857   104.4721    -4.48   0.000    -675.1817   -261.5896
    towfe165 |  -490.2544   97.69228    -5.02   0.000    -683.6302   -296.8785
    towfe166 |  -113.1746   101.4978    -1.12   0.267    -314.0833    87.73403
    towfe167 |  (omitted)
    towfe168 |  -1.026526   108.2457    -0.01   0.992    -215.2923    213.2393
    towfe169 |  -442.1782   99.74458    -4.43   0.000    -639.6165     -244.74
    towfe170 |  -52.19422   102.7019    -0.51   0.612    -255.4864    151.0979
    towfe171 |  -423.1818   102.3475    -4.13   0.000    -625.7723   -220.5913
    towfe172 |  -319.7633   102.5758    -3.12   0.002    -522.8057   -116.7209
    towfe173 |  -46.04921   97.00229    -0.47   0.636    -238.0593    145.9609
    towfe174 |  -126.3497    97.3493    -1.30   0.197    -319.0467    66.34722
    towfe175 |  -281.0954   95.08385    -2.96   0.004    -469.3081   -92.88276
    towfe176 |   -102.669   107.3648    -0.96   0.341    -315.1911     109.853
    towfe177 |  -343.5887   97.96625    -3.51   0.001    -537.5069   -149.6706
    towfe178 |   214.4565   99.46161     2.16   0.033     17.57837    411.3347
    towfe179 |  -404.0935   101.5114    -3.98   0.000     -605.029    -203.158
    towfe180 |  -134.5457   116.6568    -1.15   0.251    -365.4607    96.36926
    towfe181 |  -153.3072   100.9952    -1.52   0.132    -353.2211    46.60668
    towfe182 |  -94.60952   114.6239    -0.83   0.411    -321.5006    132.2815
    towfe183 |  -143.5275   110.6412    -1.30   0.197     -362.535    75.48006
    towfe184 |  -259.9532    101.636    -2.56   0.012    -461.1355   -58.77093
    towfe185 |  -44.65456   99.45652    -0.45   0.654    -241.5227    152.2135
    towfe186 |   416.1892   94.23946     4.42   0.000      229.648    602.7305
    towfe187 |  (omitted)
    towfe188 |   220.7344   104.9563     2.10   0.037     12.97979    428.4889
    towfe189 |  (omitted)
    towfe190 |   56.61208   98.30057     0.58   0.566    -137.9679     251.192
    towfe191 |   24.64519   95.68329     0.26   0.797     -164.754    214.0444
    towfe192 |   114.8401   102.7963     1.12   0.266    -88.63884    318.3191
    towfe193 |  -379.9947   97.94295    -3.88   0.000    -573.8668   -186.1227
    towfe194 |  -103.2426   96.51314    -1.07   0.287    -294.2845     87.7992
    towfe195 |  -20.28147   104.1467    -0.19   0.846    -226.4334    185.8705
    towfe196 |  -71.44864   123.2498    -0.58   0.563    -315.4141    172.5168
    towfe197 |   48.70401   96.66259     0.50   0.615    -142.6337    240.0417
    towfe198 |   135.4735    48.1948     2.81   0.006     40.07486    230.8722
    towfe199 |  -230.0799   109.8119    -2.10   0.038    -447.4458   -12.71396
    towfe200 |  -54.18203   97.41381    -0.56   0.579    -247.0067    138.6426
    towfe201 |  (omitted)
    towfe202 |  -175.4914   102.8902    -1.71   0.091    -379.1563    28.17349
    towfe203 |  -148.1612   102.7895    -1.44   0.152    -351.6267     55.3043
    towfe204 |  -277.1545   98.34008    -2.82   0.006    -471.8127   -82.49638
    towfe205 |  -177.1012   105.1089    -1.68   0.095    -385.1577    30.95539
    towfe206 |  -63.93941   108.6741    -0.59   0.557    -279.0531    151.1743
    towfe207 |  -133.6644   101.5194    -1.32   0.190    -334.6157    67.28695
    towfe208 |  -151.2144   95.51351    -1.58   0.116    -340.2775    37.84874
    towfe209 |  -161.8338   94.96756    -1.70   0.091    -349.8163    26.14867
    towfe210 |  -406.0804   98.41997    -4.13   0.000    -600.8967   -211.2641
    towfe211 |  -288.6117   101.2148    -2.85   0.005    -488.9602   -88.26328
    towfe212 |  -488.8627   95.85629    -5.10   0.000    -678.6044   -299.1211
    towfe213 |  -116.8792   93.70815    -1.25   0.215    -302.3687    68.61037
    towfe214 |  -401.5361   104.6065    -3.84   0.000    -608.5982    -194.474
    towfe215 |  -156.7031   102.7087    -1.53   0.130    -360.0088    46.60255
    towfe216 |  -330.6461   97.38276    -3.40   0.001    -523.4093   -137.8829
    towfe217 |  (omitted)
    towfe218 |  -202.5553    96.0338    -2.11   0.037    -392.6483   -12.46224
    towfe219 |    -78.619   108.4426    -0.72   0.470    -293.2744    136.0364
    towfe220 |   361.1176   95.44119     3.78   0.000     172.1976    550.0376
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   6.499383   80.54192     0.08   0.936    -152.9284    165.9272
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |  -895.1321   160.2098    -5.59   0.000    -1212.258   -578.0067
    towfe227 |    87.0896   97.33436     0.89   0.373    -105.5778     279.757
    towfe228 |  (omitted)
    towfe229 |   287.6553   95.59139     3.01   0.003     98.43797    476.8726
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
       _cons |   181.5232   110.1508     1.65   0.102    -36.51364      399.56
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 towfe1 towfe2 towfe3 towfe4 towfe5
               towfe6 towfe7 towfe8 towfe9 towfe10 towfe11 towfe12 towfe13
               towfe14 towfe15 towfe16 towfe17 towfe18 towfe19 towfe20
               towfe21 towfe22 towfe23 towfe24 towfe25 towfe26 towfe27
               towfe28 towfe29 towfe30 towfe31 towfe32 towfe33 towfe34
               towfe35 towfe36 towfe37 towfe38 towfe39 towfe40 towfe41
               towfe42 towfe43 towfe44 towfe45 towfe46 towfe47 towfe48
               towfe49 towfe50 towfe51 towfe52 towfe53 towfe54 towfe55
               towfe56 towfe57 towfe58 towfe59 towfe60 towfe61 towfe62
               towfe63 towfe64 towfe65 towfe66 towfe67 towfe68 towfe69
               towfe70 towfe71 towfe72 towfe73 towfe74 towfe75 towfe76
               towfe77 towfe78 towfe79 towfe80 towfe81 towfe82 towfe83
               towfe84 towfe85 towfe86 towfe87 towfe88 towfe89 towfe90
               towfe91 towfe92 towfe93 towfe94 towfe95 towfe96 towfe97
               towfe98 towfe99 towfe100 towfe101 towfe102 towfe103 towfe104
               towfe105 towfe106 towfe107 towfe108 towfe109 towfe110
               towfe111 towfe112 towfe113 towfe114 towfe115 towfe116
               towfe117 towfe118 towfe119 towfe120 towfe121 towfe122
               towfe123 towfe124 towfe125 towfe126 towfe127 towfe128
               towfe129 towfe130 towfe131 towfe132 towfe133 towfe134
               towfe135 towfe136 towfe137 towfe138 towfe139 towfe140
               towfe141 towfe142 towfe143 towfe144 towfe145 towfe146
               towfe147 towfe148 towfe149 towfe150 towfe151 towfe152
               towfe153 towfe154 towfe155 towfe156 towfe157 towfe158
               towfe159 towfe160 towfe161 towfe162 towfe163 towfe164
               towfe165 towfe166 towfe167 towfe168 towfe169 towfe170
               towfe171 towfe172 towfe173 towfe174 towfe175 towfe176
               towfe177 towfe178 towfe179 towfe180 towfe181 towfe182
               towfe183 towfe184 towfe185 towfe186 towfe187 towfe188
               towfe189 towfe190 towfe191 towfe192 towfe193 towfe194
               towfe195 towfe196 towfe197 towfe198 towfe199 towfe200
               towfe201 towfe202 towfe203 towfe204 towfe205 towfe206
               towfe207 towfe208 towfe209 towfe210 towfe211 towfe212
               towfe213 towfe214 towfe215 towfe216 towfe217 towfe218
               towfe219 towfe220 towfe221 towfe222 towfe223 towfe224
               towfe225 towfe226 towfe227 towfe228 towfe229 towfe230
               towfe231 towfe232 towfe233 towfe234 towfe235 towfe236
               towfe237 towfe238 towfe239 towfe240 towfe241 towfe242
               towfe243 S2.c_edg_snp_rtot98 S2.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   test s2.c_exc_rtot + s2.c_strp_l_rtot = -1;

 ( 1)  S2.c_strp_l_rtot + S2.c_exc_rtot = -1

       F(  1,   123) =    0.65
            Prob > F =    0.4234

.   * (3) covariates;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild100_rtot `covar'
>                              if admr_200 & balance & year == 100, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     160
                                                       F( 15,   123) =   14.93
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5039
                                                       Root MSE      =  622.83

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.7536705   .0945038    -7.98   0.000     -.940735   -.5666059
             |
  c_exc_rtot |
         S2. |  -.0388787   .0803377    -0.48   0.629    -.1979023    .1201449
             |
c_utax4_rtot |   .7692868   .7932697     0.97   0.334    -.8009419    2.339516
 c_rrev_rtot |  -.2132963     .69437    -0.31   0.759    -1.587759    1.161167
c_stn~0_rtot |   .7649434   1.086688     0.70   0.483     -1.38609    2.915977
 sf3_pnwhite |   4655.794   4336.418     1.07   0.285    -3927.879    13239.47
   sf3_unemp |  -3284.845   1820.599    -1.80   0.074    -6888.609     318.919
    sf3_ppov |    3599.43   2524.592     1.43   0.156    -1397.844    8596.705
     sf3_phs |  -2702.456   2096.201    -1.29   0.200    -6851.758    1446.846
    sf3_pcol |  -2106.223   1425.734    -1.48   0.142    -4928.377    715.9306
    sf3_sr95 |   -808.358   1050.243    -0.77   0.443     -2887.25    1270.534
      rtot98 |  -.0649902   .0700763    -0.93   0.356     -.203702    .0737215
     rtot982 |   1.09e-06   4.93e-06     0.22   0.825    -8.66e-06    .0000108
     sf3_hai |   .0090226   .0112809     0.80   0.425    -.0133072    .0313523
     sf3_hmi |   -.005155   .0135991    -0.38   0.705    -.0320736    .0217637
       _cons |   2490.565   1692.434     1.47   0.144    -859.5044    5840.634
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot sf3_pnwhite sf3_unemp sf3_ppov sf3_phs
               sf3_pcol sf3_sr95 rtot98 rtot982 sf3_hai sf3_hmi
               S2.c_edg_snp_rtot98 S2.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   test s2.c_exc_rtot + s2.c_strp_l_rtot = -1;

 ( 1)  S2.c_strp_l_rtot + S2.c_exc_rtot = -1

       F(  1,   123) =    1.75
            Prob > F =    0.1877

.     * (4) seperate year intercepts by quartile of per-pupil property wealth;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild100_rtot *b*yearfe*   
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F( 20,   123) =   30.84
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4141
                                                       Root MSE      =  558.93

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.7603321   .1437274    -5.29   0.000    -1.044832   -.4758325
             |
  c_exc_rtot |
         S2. |  -.0793867   .0737184    -1.08   0.284    -.2253076    .0665343
             |
c_utax4_rtot |   .9121615   .8497465     1.07   0.285    -.7698596    2.594183
 c_rrev_rtot |   .3603231   .5760854     0.63   0.533    -.7800026    1.500649
c_stn~0_rtot |   1.251271   .9479023     1.32   0.189    -.6250434    3.127585
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  -184.2241   137.6019    -1.34   0.183    -456.5985    88.15042
  b1_yearfe6 |  (omitted)
  b1_yearfe7 |  -294.4475   204.1921    -1.44   0.152    -698.6333    109.7383
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |   49.32637   125.1354     0.39   0.694    -198.3715    297.0243
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |    192.385   331.1444     0.58   0.562     -463.095    847.8651
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |  -41.53235   128.9561    -0.32   0.748    -296.7931    213.7284
  b2_yearfe6 |  (omitted)
  b2_yearfe7 |   1.971312   129.9318     0.02   0.988    -255.2208    259.1634
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |   4.762594   121.7026     0.04   0.969    -236.1402    245.6654
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  -136.5372    318.375    -0.43   0.669     -766.741    493.6666
 b2_yearfe12 |  (omitted)
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  (omitted)
  b3_yearfe6 |  (omitted)
  b3_yearfe7 |  -119.0989   133.5207    -0.89   0.374     -383.395    145.1972
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |   68.86692   125.5412     0.55   0.584    -179.6342     317.368
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  -30.46877   301.6837    -0.10   0.920    -627.6332    566.6957
 b3_yearfe12 |  (omitted)
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |  -42.36127   125.0742    -0.34   0.735    -289.9381    205.2155
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |   38.70448   129.7457     0.30   0.766    -218.1191    295.5281
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |   108.1513   133.0139     0.81   0.418    -155.1416    371.4442
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |     135.42   190.0178     0.71   0.477    -240.7085    511.5485
 b4_yearfe12 |  (omitted)
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
       _cons |   125.8338   101.0128     1.25   0.215    -74.11495    325.7825
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot b1_yearfe1 b1_yearfe2 b1_yearfe3
               b1_yearfe4 b1_yearfe5 b1_yearfe6 b1_yearfe7 b1_yearfe8
               b1_yearfe9 b1_yearfe10 b1_yearfe11 b1_yearfe12 b1_yearfe13
               b1_yearfe14 b1_yearfe15 b2_yearfe1 b2_yearfe2 b2_yearfe3
               b2_yearfe4 b2_yearfe5 b2_yearfe6 b2_yearfe7 b2_yearfe8
               b2_yearfe9 b2_yearfe10 b2_yearfe11 b2_yearfe12 b2_yearfe13
               b2_yearfe14 b2_yearfe15 b3_yearfe1 b3_yearfe2 b3_yearfe3
               b3_yearfe4 b3_yearfe5 b3_yearfe6 b3_yearfe7 b3_yearfe8
               b3_yearfe9 b3_yearfe10 b3_yearfe11 b3_yearfe12 b3_yearfe13
               b3_yearfe14 b3_yearfe15 b4_yearfe1 b4_yearfe2 b4_yearfe3
               b4_yearfe4 b4_yearfe5 b4_yearfe6 b4_yearfe7 b4_yearfe8
               b4_yearfe9 b4_yearfe10 b4_yearfe11 b4_yearfe12 b4_yearfe13
               b4_yearfe14 b4_yearfe15 S2.c_edg_snp_rtot98 S2.c_exc_rtot98
               c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   test s2.c_exc_rtot + s2.c_strp_l_rtot = -1;

 ( 1)  S2.c_strp_l_rtot + S2.c_exc_rtot = -1

       F(  1,   123) =    0.76
            Prob > F =    0.3854

.   * (5) ldp;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot   l2s2.c_l_ass_sch_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 l4.c_l_ass_sch_rtot)  
>                              c_stnobuild100_rtot yearfe*  
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     480
                                                       F(  8,   123) =   55.42
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.3106
                                                       Root MSE      =  630.81

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.7992928   .0730151   -10.95   0.000    -.9438218   -.6547638
             |
  c_exc_rtot |
         S2. |  -.1090602   .0935493    -1.17   0.246    -.2942352    .0761149
             |
c_utax4_rtot |   .9633244   .9061241     1.06   0.290    -.8302926    2.756941
 c_rrev_rtot |   .1840669   .6652902     0.28   0.782    -1.132834    1.500968
             |
c_l_ass_sc~t |
       L2S2. |   .4237736   .4344459     0.98   0.331    -.4361853    1.283733
             |
c_stn~0_rtot |   1.546086   1.193684     1.30   0.198    -.8167388    3.908911
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |   -199.031   189.9728    -1.05   0.297    -575.0706    177.0086
     yearfe8 |  (omitted)
     yearfe9 |  -28.88528   142.4968    -0.20   0.840     -310.949    253.1784
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |    199.544   158.4514     1.26   0.210    -114.1008    513.1888
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
               L2S2.c_l_ass_sch_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
               L4.c_l_ass_sch_rtot
------------------------------------------------------------------------------

.   test s2.c_exc_rtot + s2.c_strp_l_rtot = -1;

 ( 1)  S2.c_strp_l_rtot + S2.c_exc_rtot = -1

       F(  1,   123) =    0.37
            Prob > F =    0.5441

.   * (1 weighted) - in footnote;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild100_rtot yearfe* [w=rtot98]
>                              if admr_200 & balance, cluster(d_nhid) ;
(analytic weights assumed)
(sum of wgt is   7.4878e+05)

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  8,   123) =   39.50
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4706
                                                       Root MSE      =  492.55

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.7877311     .07327   -10.75   0.000    -.9327646   -.6426976
             |
  c_exc_rtot |
         S2. |   -.041722   .0789728    -0.53   0.598    -.1980439    .1145998
             |
c_utax4_rtot |   .7512678   1.043883     0.72   0.473    -1.315035    2.817571
 c_rrev_rtot |   .5537882   .8245361     0.67   0.503     -1.07833    2.185907
c_stn~0_rtot |   1.288544   1.469519     0.88   0.382    -1.620278    4.197367
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  -171.4981   192.7411    -0.89   0.375    -553.0173    210.0211
     yearfe6 |  (omitted)
     yearfe7 |  -105.0505    174.418    -0.60   0.548    -450.3003    240.1992
     yearfe8 |  (omitted)
     yearfe9 |  -5.052496   153.1229    -0.03   0.974    -308.1498    298.0448
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   162.7343   159.0979     1.02   0.308    -152.1902    477.6588
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.  *******************************;
.  * First-Stages - for F-stats  *;
.  *******************************;
.   * (1) full;
.   ivreg                      s2.c_strp_l_rtot    
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98  
>                              c_stnobuild100_rtot yearfe* 
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F(  8,   631) =  534.67
       Model |   354541892     8  44317736.5           Prob > F      =  0.0000
    Residual |  52302333.6   631  82888.0089           R-squared     =  0.8714
-------------+------------------------------           Adj R-squared =  0.8698
       Total |   406844226   639  636688.929           Root MSE      =   287.9

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S2. |   1.038553    .036783    28.23   0.000     .9663206    1.110784
             |
c_exc_rtot98 |
         S2. |  -.0558319   .0380649    -1.47   0.143    -.1305812    .0189174
             |
c_utax4_r~98 |   .3030332   .3440763     0.88   0.379      -.37264    .9787065
c_rrev_rt~98 |  -.0147463   .3346079    -0.04   0.965    -.6718261    .6423335
c_stn~0_rtot |   1.146366   .4837574     2.37   0.018     .1963972    2.096336
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   2.877176   32.18851     0.09   0.929    -60.33239    66.08674
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   165.3507   32.18851     5.14   0.000     102.1411    228.5602
    yearfe10 |  (omitted)
    yearfe11 |  -89.96599   74.87423    -1.20   0.230    -236.9988    57.06683
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |  -18.37297   22.76071    -0.81   0.420    -63.06888    26.32294
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S2.c_edg_snp_rtot98 = 0
 ( 2)  S2.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   631) =  282.82
            Prob > F =    0.0000

.   * (2) district trends;
.   ivreg                      s2.c_strp_l_rtot    
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98  
>                              c_stnobuild100_rtot yearfe* *towfe* 
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F(167,   472) =   22.90
       Model |   362148112   167  2168551.57           Prob > F      =  0.0000
    Residual |    44696114   472  94695.1568           R-squared     =  0.8901
-------------+------------------------------           Adj R-squared =  0.8513
       Total |   406844226   639  636688.929           Root MSE      =  307.73

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S2. |   1.043608   .0453978    22.99   0.000     .9544014    1.132815
             |
c_exc_rtot98 |
         S2. |  -.0516336     .04698    -1.10   0.272    -.1439493    .0406822
             |
c_utax4_r~98 |   .2527886   .4246608     0.60   0.552    -.5816711    1.087248
c_rrev_rt~98 |  -.0238815   .4129748    -0.06   0.954    -.8353782    .7876151
c_stn~0_rtot |   1.277471    .597056     2.14   0.033     .1042541    2.450687
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  -162.4735   34.40479    -4.72   0.000     -230.079     -94.868
     yearfe6 |  (omitted)
     yearfe7 |  -165.3507   34.40479    -4.81   0.000    -232.9562   -97.74518
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  -266.0679   90.25008    -2.95   0.003    -443.4096   -88.72627
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |  -93.56051   225.0497    -0.42   0.678    -535.7839    348.6628
      towfe2 |  -4.543357   225.7448    -0.02   0.984    -448.1325    439.0458
      towfe3 |  -30.90468   225.4085    -0.14   0.891    -473.8331    412.0237
      towfe4 |  (omitted)
      towfe5 |  -25.02222   227.2655    -0.11   0.912    -471.5995    421.5551
      towfe6 |  -29.68292   225.8693    -0.13   0.896    -473.5166    414.1508
      towfe7 |  -68.63031   225.5695    -0.30   0.761     -511.875    374.6144
      towfe8 |  -175.0033    227.215    -0.77   0.442    -621.4815    271.4748
      towfe9 |    27.6382   225.6237     0.12   0.903    -415.7129    470.9893
     towfe10 |   95.54422   227.5006     0.42   0.675     -351.495    542.5835
     towfe11 |   15.74466   226.6588     0.07   0.945    -429.6406    461.1299
     towfe12 |  (omitted)
     towfe13 |   -100.002   222.0001    -0.45   0.653    -536.2328    336.2287
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |   -69.2214   226.1314    -0.31   0.760    -513.5703    375.1275
     towfe17 |  (omitted)
     towfe18 |   69.13942   225.4667     0.31   0.759    -373.9033    512.1822
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   10.14616   225.9839     0.04   0.964    -433.9127     454.205
     towfe23 |  (omitted)
     towfe24 |   38.33995   225.5343     0.17   0.865    -404.8356    481.5155
     towfe25 |  (omitted)
     towfe26 |  -6.152743   225.7806    -0.03   0.978    -449.8122    437.5068
     towfe27 |  -42.86845   219.1462    -0.20   0.845    -473.4912    387.7543
     towfe28 |   -51.7751   225.6072    -0.23   0.819    -495.0938    391.5436
     towfe29 |  -13.59174   226.8336    -0.06   0.952    -459.3203    432.1368
     towfe30 |  -12.97889   225.6827    -0.06   0.954     -456.446    430.4882
     towfe31 |  -93.55071    225.793    -0.41   0.679    -537.2346    350.1331
     towfe32 |   -302.156    227.345    -1.33   0.184    -748.8895    144.5774
     towfe33 |  -18.33317   225.6582    -0.08   0.935    -461.7521    425.0858
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |  -19.86559   225.7361    -0.09   0.930    -463.4377    423.7065
     towfe37 |  -10.51643   225.6734    -0.05   0.963    -453.9652    432.9324
     towfe38 |   135.6627   227.2888     0.60   0.551    -310.9605    582.2858
     towfe39 |   20.92474    225.423     0.09   0.926     -422.032    463.8815
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |  -26.86652   225.5072    -0.12   0.905    -469.9888    416.2558
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |    62.6145   225.6945     0.28   0.782    -380.8757    506.1047
     towfe49 |   33.20483   226.6162     0.15   0.884    -412.0967    478.5063
     towfe50 |  -13.95143   226.6594    -0.06   0.951    -459.3379     431.435
     towfe51 |  -155.3679   227.0904    -0.68   0.494    -601.6011    290.8652
     towfe52 |  -70.17967    226.268    -0.31   0.757    -514.7969    374.4375
     towfe53 |  -181.9545   226.4394    -0.80   0.422    -626.9084    262.9995
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |  -103.4494    225.767    -0.46   0.647    -547.0822    340.1833
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |  -43.43505   231.6902    -0.19   0.851    -498.7069    411.8368
     towfe62 |  (omitted)
     towfe63 |  -114.0662   225.4989    -0.51   0.613    -557.1721    329.0397
     towfe64 |  -132.9229   226.5206    -0.59   0.558    -578.0365    312.1907
     towfe65 |   218.6612   229.5497     0.95   0.341    -232.4045    669.7269
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  (omitted)
     towfe73 |  -40.31222   225.6249    -0.18   0.858    -483.6657    403.0412
     towfe74 |  -143.1356   226.0587    -0.63   0.527    -587.3415    301.0702
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |   86.32409   225.6317     0.38   0.702    -357.0428     529.691
     towfe78 |  (omitted)
     towfe79 |  -61.09564   225.3108    -0.27   0.786     -503.832    381.6407
     towfe80 |   74.56734   225.7129     0.33   0.741    -368.9591    518.0937
     towfe81 |  -61.84686   225.3275    -0.27   0.784    -504.6161    380.9224
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |  -43.34109   226.1216    -0.19   0.848    -487.6706    400.9884
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |   16.23127   225.4147     0.07   0.943    -426.7093    459.1718
     towfe90 |  (omitted)
     towfe91 |  -17.76553   225.7977    -0.08   0.937    -461.4587    425.9276
     towfe92 |  (omitted)
     towfe93 |  -25.07775   226.7631    -0.11   0.912    -470.6678    420.5123
     towfe94 |  (omitted)
     towfe95 |  -141.8569   226.8995    -0.63   0.532     -587.715    304.0012
     towfe96 |   108.1582   228.7405     0.47   0.637    -341.3174    557.6339
     towfe97 |  (omitted)
     towfe98 |  -26.47261   226.6103    -0.12   0.907    -471.7625    418.8173
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |   15.23617   225.7257     0.07   0.946    -428.3155    458.7879
    towfe103 |   -61.8701   225.2841    -0.27   0.784    -504.5539    380.8137
    towfe104 |  (omitted)
    towfe105 |   -63.9719    225.594    -0.28   0.777    -507.2647    379.3209
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |  -81.96416   225.6954    -0.36   0.717    -525.4563     361.528
    towfe111 |   54.22185   225.2475     0.24   0.810    -388.3901    496.8338
    towfe112 |  -56.07832   226.3467    -0.25   0.804    -500.8502    388.6935
    towfe113 |  -46.08932   225.5737    -0.20   0.838    -489.3423    397.1636
    towfe114 |   -89.3942   225.6675    -0.40   0.692    -532.8315    354.0431
    towfe115 |   73.51521   225.3094     0.33   0.744    -369.2185    516.2489
    towfe116 |   20.06682   225.8978     0.09   0.929    -423.8229    463.9566
    towfe117 |  -73.86962   225.5199    -0.33   0.743    -517.0169    369.2776
    towfe118 |   50.94697   225.3841     0.23   0.821    -391.9333    493.8272
    towfe119 |   116.4116   225.7894     0.52   0.606    -327.2652    560.0884
    towfe120 |  -43.02129   226.2387    -0.19   0.849     -487.581    401.5384
    towfe121 |   4.354934   225.3099     0.02   0.985    -438.3796    447.0895
    towfe122 |  -11.79209    226.869    -0.05   0.959    -457.5903    434.0061
    towfe123 |  -140.5457   225.4064    -0.62   0.533    -583.4699    302.3785
    towfe124 |  -95.96411   225.2987    -0.43   0.670    -538.6767    346.7485
    towfe125 |   46.19152    225.299     0.21   0.838    -396.5216    488.9046
    towfe126 |  -12.54357    225.502    -0.06   0.956    -455.6556    430.5685
    towfe127 |  (omitted)
    towfe128 |  -65.36446   225.3653    -0.29   0.772    -508.2078    377.4789
    towfe129 |  -95.87714   225.6089    -0.42   0.671    -539.1993     347.445
    towfe130 |  -208.6548   225.3545    -0.93   0.355    -651.4769    234.1673
    towfe131 |   -56.7479   225.4422    -0.25   0.801    -499.7424    386.2466
    towfe132 |  -88.94068   225.3829    -0.39   0.693    -531.8187    353.9373
    towfe133 |   124.8786   225.5971     0.55   0.580    -318.4203    568.1776
    towfe134 |  -101.5495   225.4603    -0.45   0.653    -544.5797    341.4806
    towfe135 |   13.52076   228.1425     0.06   0.953    -434.7798    461.8213
    towfe136 |  (omitted)
    towfe137 |   19.58387   225.3541     0.09   0.931    -423.2376    462.4053
    towfe138 |  -12.32531   225.4266    -0.05   0.956    -455.2892    430.6386
    towfe139 |    16.7141   225.5952     0.07   0.941    -426.5811    460.0093
    towfe140 |  (omitted)
    towfe141 |   80.32588   226.5356     0.35   0.723    -364.8172     525.469
    towfe142 |  -126.6699   225.4679    -0.56   0.575     -569.715    316.3751
    towfe143 |  -26.99425   225.4874    -0.12   0.905    -470.0776    416.0891
    towfe144 |  -92.29799   227.8274    -0.41   0.686    -539.9794    355.3834
    towfe145 |  -126.4328   225.5149    -0.56   0.575    -569.5701    316.7046
    towfe146 |  -27.69127   225.9633    -0.12   0.903    -471.7099    416.3273
    towfe147 |  -93.52452    225.765    -0.41   0.679    -537.1533    350.1043
    towfe148 |  -21.52099   225.8064    -0.10   0.924    -465.2311    422.1892
    towfe149 |  (omitted)
    towfe150 |  -66.46956   233.0435    -0.29   0.776    -524.4007    391.4616
    towfe151 |  -10.38063   225.8513    -0.05   0.963    -454.1791    433.4178
    towfe152 |   5.574615   225.4636     0.02   0.980    -437.4619    448.6112
    towfe153 |    7.68949   225.5184     0.03   0.973    -435.4547    450.8337
    towfe154 |  (omitted)
    towfe155 |   -86.1022   225.8558    -0.38   0.703    -529.9094     357.705
    towfe156 |  -114.2539   225.5588    -0.51   0.613    -557.4775    328.9698
    towfe157 |  -6.930503   225.5528    -0.03   0.976    -450.1424    436.2814
    towfe158 |  -128.2066   224.1742    -0.57   0.568    -568.7095    312.2963
    towfe159 |  -197.8399   219.6601    -0.90   0.368    -629.4726    233.7929
    towfe160 |   44.27277    225.378     0.20   0.844    -398.5956    487.1411
    towfe161 |   116.1035   225.4598     0.51   0.607    -326.9256    559.1327
    towfe162 |   319.7607   226.3503     1.41   0.158    -125.0183    764.5397
    towfe163 |  (omitted)
    towfe164 |  -166.4037   225.7591    -0.74   0.461    -610.0209    277.2135
    towfe165 |  -75.73908   225.4745    -0.34   0.737     -518.797    367.3189
    towfe166 |  -73.61371   225.8633    -0.33   0.745    -517.4358    370.2083
    towfe167 |  (omitted)
    towfe168 |   9.444531   226.8645     0.04   0.967    -436.3448    455.2338
    towfe169 |  -131.3323   225.4921    -0.58   0.561    -574.4249    311.7603
    towfe170 |  -94.54333   225.8441    -0.42   0.676    -538.3276    349.2409
    towfe171 |  -181.5402   225.5458    -0.80   0.421    -624.7382    261.6579
    towfe172 |  -159.6778   225.6204    -0.71   0.479    -603.0224    283.6668
    towfe173 |   58.69087   225.6299     0.26   0.795    -384.6725    502.0542
    towfe174 |  -95.51009    225.403    -0.42   0.672    -538.4276    347.4075
    towfe175 |  -22.72711   225.3251    -0.10   0.920    -465.4915    420.0373
    towfe176 |   8.508598    226.776     0.04   0.970    -437.1069    454.1241
    towfe177 |  -66.33562    225.507    -0.29   0.769    -509.4574    376.7861
    towfe178 |  -79.91666   225.6183    -0.35   0.723    -523.2571    363.4238
    towfe179 |  -145.0161   225.5954    -0.64   0.521    -588.3116    298.2795
    towfe180 |  -20.69212   227.6251    -0.09   0.928    -467.9761    426.5919
    towfe181 |  -82.92678   225.7338    -0.37   0.714    -526.4943    360.6408
    towfe182 |  -12.23952   227.3511    -0.05   0.957     -458.985     434.506
    towfe183 |   17.17989   226.5698     0.08   0.940    -428.0304    462.3902
    towfe184 |   6.910828   226.1499     0.03   0.976    -437.4743     451.296
    towfe185 |  -70.73798   225.6266    -0.31   0.754    -514.0948    372.6189
    towfe186 |   19.16906   225.3497     0.09   0.932    -423.6438    461.9819
    towfe187 |  (omitted)
    towfe188 |    127.526    227.038     0.56   0.575    -318.6042    573.6562
    towfe189 |  (omitted)
    towfe190 |   .1026347   225.6934     0.00   1.000    -443.3854    443.5907
    towfe191 |  -12.12757    225.353    -0.05   0.957    -454.9469    430.6917
    towfe192 |   26.95532   225.8465     0.12   0.905    -416.8337    470.7443
    towfe193 |  -120.6306   225.3756    -0.54   0.593    -563.4942    322.2329
    towfe194 |  -103.0707   225.3099    -0.46   0.648    -545.8053    339.6639
    towfe195 |  -60.79702   226.1313    -0.27   0.788    -505.1456    383.5515
    towfe196 |  -72.37382   227.8373    -0.32   0.751    -520.0747     375.327
    towfe197 |  -52.32015   225.4201    -0.23   0.817    -495.2713     390.631
    towfe198 |   42.98202   219.3682     0.20   0.845    -388.0772    474.0412
    towfe199 |  -50.42582   226.7048    -0.22   0.824    -495.9014    395.0497
    towfe200 |  -34.02804    225.465    -0.15   0.880    -477.0674    409.0113
    towfe201 |  (omitted)
    towfe202 |   22.82137   226.3663     0.10   0.920     -421.989    467.6318
    towfe203 |  -29.54242   226.1028    -0.13   0.896    -473.8351    414.7503
    towfe204 |  -96.26387   225.4764    -0.43   0.670    -539.3256    346.7978
    towfe205 |  -60.95012   226.2786    -0.27   0.788    -505.5881    383.6879
    towfe206 |  -62.94395   226.5968    -0.28   0.781    -508.2074    382.3195
    towfe207 |    42.3638   226.2575     0.19   0.852    -402.2327    486.9603
    towfe208 |  -61.34201   225.3043    -0.27   0.786    -504.0656    381.3816
    towfe209 |  -58.05592   225.2749    -0.26   0.797    -500.7218    384.6099
    towfe210 |   -41.9865   225.6222    -0.19   0.852    -485.3347    401.3617
    towfe211 |  -145.4481   225.6225    -0.64   0.519    -588.7968    297.9007
    towfe212 |  -34.91989   225.4093    -0.15   0.877    -477.8498      408.01
    towfe213 |   82.77801   225.3454     0.37   0.714    -360.0263    525.5823
    towfe214 |  -85.02474    226.024    -0.38   0.707    -529.1624    359.1129
    towfe215 |  -118.4815   225.8617    -0.52   0.600    -562.3005    325.3374
    towfe216 |   9.254075   225.6853     0.04   0.967    -434.2182    452.7263
    towfe217 |  (omitted)
    towfe218 |  -17.57177   225.4526    -0.08   0.938    -460.5868    425.4432
    towfe219 |  -34.03159   226.5772    -0.15   0.881    -479.2564    411.1932
    towfe220 |  -.8814193   225.4306    -0.00   0.997    -443.8531    442.0903
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   28.08214   222.6201     0.13   0.900     -409.367    465.5313
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |  -970.1099   226.3036    -4.29   0.000    -1414.797   -525.4227
    towfe227 |  -109.3307   225.3563    -0.49   0.628    -552.1565    333.4951
    towfe228 |  (omitted)
    towfe229 |  -23.13146    224.297    -0.10   0.918    -463.8756    417.6127
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
       _cons |   186.9342   165.8436     1.13   0.260     -138.949    512.8174
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S2.c_edg_snp_rtot98 = 0
 ( 2)  S2.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   472) =  186.75
            Prob > F =    0.0000

.   * (3) covariates;
.   ivreg                      s2.c_strp_l_rtot    
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98  
>                              c_stnobuild100_rtot `covar'
>                              if admr_200 & balance & year == 100;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F( 15,   144) =  142.40
       Model |  96291389.3    15  6419425.95           Prob > F      =  0.0000
    Residual |  6491494.35   144  45079.8219           R-squared     =  0.9368
-------------+------------------------------           Adj R-squared =  0.9303
       Total |   102782884   159   646433.23           Root MSE      =  212.32

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S2. |    1.02163   .0333511    30.63   0.000     .9557095    1.087552
             |
c_exc_rtot98 |
         S2. |  -.0583313   .0296212    -1.97   0.051    -.1168799    .0002172
             |
c_utax4_r~98 |   .2452023   .2649801     0.93   0.356    -.2785508    .7689554
c_rrev_rt~98 |   -.207514   .2699983    -0.77   0.443    -.7411859     .326158
c_stn~0_rtot |   1.132774   .3679427     3.08   0.002     .4055078     1.86004
 sf3_pnwhite |  -1576.431   1731.224    -0.91   0.364    -4998.324    1845.462
   sf3_unemp |  -454.7485   879.1972    -0.52   0.606    -2192.548    1283.051
    sf3_ppov |   928.1068   821.2775     1.13   0.260    -695.2099    2551.423
     sf3_phs |   129.8557   710.6968     0.18   0.855     -1274.89    1534.601
    sf3_pcol |   294.2714   539.0754     0.55   0.586    -771.2515    1359.794
    sf3_sr95 |   433.0708   342.6848     1.26   0.208    -244.2713    1110.413
      rtot98 |    .043006   .0272491     1.58   0.117    -.0108539     .096866
     rtot982 |  -2.42e-06   2.07e-06    -1.17   0.245    -6.50e-06    1.67e-06
     sf3_hai |  -.0020973   .0045956    -0.46   0.649    -.0111808    .0069862
     sf3_hmi |  -.0012656   .0052023    -0.24   0.808    -.0115483    .0090171
       _cons |  -319.9689   636.7881    -0.50   0.616    -1578.628    938.6905
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S2.c_edg_snp_rtot98 = 0
 ( 2)  S2.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   144) =  298.34
            Prob > F =    0.0000

.   * (4) seperate year intercepts by quartile of per-pupil property wealth;
.   ivreg                      s2.c_strp_l_rtot   
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 
>                              c_stnobuild100_rtot *b*yearfe*   
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F( 20,   619) =  213.19
       Model |   355268669    20  17763433.4           Prob > F      =  0.0000
    Residual |  51575557.1   619  83320.7708           R-squared     =  0.8732
-------------+------------------------------           Adj R-squared =  0.8691
       Total |   406844226   639  636688.929           Root MSE      =  288.65

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S2. |   1.044514   .0591478    17.66   0.000     .9283594    1.160669
             |
c_exc_rtot98 |
         S2. |  -.0581467   .0383555    -1.52   0.130    -.1334694     .017176
             |
c_utax4_r~98 |   .3238638   .3460925     0.94   0.350     -.355794    1.003522
c_rrev_rt~98 |  -.0561958   .3386913    -0.17   0.868     -.721319    .6089274
c_stn~0_rtot |   1.163237   .4865299     2.39   0.017     .2077877    2.118686
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  -3.733991   64.56504    -0.06   0.954    -130.5271    123.0591
  b1_yearfe6 |  (omitted)
  b1_yearfe7 |  -46.98409   64.56504    -0.73   0.467    -173.7772    79.80897
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |   212.3055   64.56504     3.29   0.001     85.51248    339.0986
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  -80.51766   136.7551    -0.59   0.556    -349.0778    188.0425
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |  -30.74493   65.36712    -0.47   0.638    -159.1131    97.62326
  b2_yearfe6 |  (omitted)
  b2_yearfe7 |  (omitted)
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |   149.5762   65.36712     2.29   0.022     21.20801    277.9444
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  -128.1771   135.2265    -0.95   0.344    -393.7353    137.3812
 b2_yearfe12 |  (omitted)
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  -52.36602   64.95729    -0.81   0.420    -179.9294    75.19735
  b3_yearfe6 |  (omitted)
  b3_yearfe7 |  -11.63851   64.95729    -0.18   0.858    -139.2019    115.9249
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |   165.1422   64.95729     2.54   0.011     37.57882    292.7056
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  -137.6798   122.6071    -1.12   0.262     -378.456    103.0965
 b3_yearfe12 |  (omitted)
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |   43.56997   64.95729     0.67   0.503     -83.9934    171.1333
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |   5.688798   64.95729     0.09   0.930    -121.8746    133.2522
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |   78.70215   64.95729     1.21   0.226    -48.86121    206.2655
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |  -95.01665   85.83033    -1.11   0.269    -263.5706    73.53728
 b4_yearfe12 |  (omitted)
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
       _cons |   -4.84587   46.22153    -0.10   0.917    -95.61589    85.92415
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S2.c_edg_snp_rtot98 = 0
 ( 2)  S2.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   619) =   93.52
            Prob > F =    0.0000

.  * (5) ldp;
.   ivreg                      s2.c_strp_l_rtot    
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 l4.c_l_ass_sch_rtot  
>                              c_stnobuild100_rtot yearfe*  
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     480
-------------+------------------------------           F(  8,   471) =  769.34
       Model |   317503285     8  39687910.6           Prob > F      =  0.0000
    Residual |  24297360.8   471  51586.7534           R-squared     =  0.9289
-------------+------------------------------           Adj R-squared =  0.9277
       Total |   341800646   479  713571.286           Root MSE      =  227.13

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S2. |   1.019656    .030172    33.79   0.000     .9603677    1.078945
             |
c_exc_rtot98 |
         S2. |  -.0503009   .0301268    -1.67   0.096    -.1095004    .0088987
             |
c_utax4_r~98 |     .31205   .2714713     1.15   0.251    -.2213947    .8454947
c_rrev_rt~98 |  -.0525934   .2644914    -0.20   0.842    -.5723225    .4671357
             |
c_l_ass_sc~t |
         L4. |  -.0184127   .0080525    -2.29   0.023     -.034236   -.0025894
             |
c_stn~0_rtot |   1.199553   .3823456     3.14   0.002     .4482388    1.950867
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |   60.25866   60.48038     1.00   0.320    -58.58609    179.1034
     yearfe8 |  (omitted)
     yearfe9 |   226.8926   60.36231     3.76   0.000     108.2799    345.5053
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   33.69957    83.8174     0.40   0.688    -131.0027    198.4019
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S2.c_edg_snp_rtot98 = 0
 ( 2)  S2.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   471) =  378.81
            Prob > F =    0.0000

.   ********************;
.   * IV - APPENDIX A1 *;
.   ********************;
.   * (1) full;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild100_rtot yearfe* s2.lnadm_rtot 
>                              if admr_200 & balance, cluster(d_nhid);

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  9,   123) =   76.65
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4618
                                                       Root MSE      =     531

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.8524233   .0694436   -12.28   0.000    -.9898826   -.7149639
             |
  c_exc_rtot |
         S2. |  -.1118457   .0699885    -1.60   0.113    -.2503836    .0266922
             |
c_utax4_rtot |   .7346483   .6887853     1.07   0.288    -.6287601    2.098057
 c_rrev_rtot |  -.0400764   .5073952    -0.08   0.937    -1.044434    .9642812
c_stn~0_rtot |   1.589155   1.147136     1.39   0.168    -.6815294     3.85984
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   25.12242   91.29592     0.28   0.784    -155.5923    205.8371
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   105.0696   74.61246     1.41   0.162    -42.62118    252.7604
    yearfe10 |  (omitted)
    yearfe11 |   203.6733   170.5573     1.19   0.235    -133.9344    541.2809
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -3990.753   562.7193    -7.09   0.000    -5104.621   -2876.884
             |
       _cons |   217.9937   49.88281     4.37   0.000     119.2537    316.7336
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.lnadm_rtot S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   test s2.c_exc_rtot + s2.c_strp_l_rtot = -1;

 ( 1)  S2.c_strp_l_rtot + S2.c_exc_rtot = -1

       F(  1,   123) =    0.08
            Prob > F =    0.7728

.   * (2) district trends;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)   
>                              c_stnobuild100_rtot yearfe* *towfe* s2.lnadm_rtot
>                              if admr_200 & balance, cluster(d_nhid) first ;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F(168,   471) =   22.78
       Model |   362264732   168  2156337.69           Prob > F      =  0.0000
    Residual |    44579494   471  94648.6072           R-squared     =  0.8904
-------------+------------------------------           Adj R-squared =  0.8513
       Total |   406844226   639  636688.929           Root MSE      =  307.65

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   1.324286   .5983974     2.21   0.027     .1484276    2.500145
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  -157.3399   34.70585    -4.53   0.000    -225.5374   -89.14248
     yearfe6 |  (omitted)
     yearfe7 |  -160.0242   34.72943    -4.61   0.000     -228.268   -91.78044
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  -270.4862   90.31565    -2.99   0.003    -447.9577   -93.01478
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |  -28.37074   226.0023    -0.13   0.900    -472.4683    415.7268
      towfe2 |   59.62008   225.7106     0.26   0.792    -383.9043    503.1445
      towfe3 |   15.90649    224.893     0.07   0.944    -426.0112    457.8242
      towfe4 |  (omitted)
      towfe5 |   29.72144   225.5474     0.13   0.895    -413.4822    472.9251
      towfe6 |    14.2725   223.3006     0.06   0.949    -424.5161    453.0611
      towfe7 |  -21.04325   225.7302    -0.09   0.926    -464.6061    422.5196
      towfe8 |  -122.2461   225.6042    -0.54   0.588    -565.5613    321.0692
      towfe9 |   83.12629   224.8848     0.37   0.712    -358.7754    525.0279
     towfe10 |   148.7922   225.5909     0.66   0.510    -294.4969    592.0813
     towfe11 |   70.36344   225.0989     0.31   0.755    -371.9589    512.6858
     towfe12 |  (omitted)
     towfe13 |  -37.36079   226.3036    -0.17   0.869    -482.0503    407.3287
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |  -23.01509   224.3842    -0.10   0.918    -463.9331    417.9029
     towfe17 |  (omitted)
     towfe18 |   141.1932   224.3315     0.63   0.529    -299.6211    582.0076
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   71.69247   226.5431     0.32   0.752    -373.4677    516.8527
     towfe23 |   53.80967   233.2652     0.23   0.818    -404.5596     512.179
     towfe24 |   91.55216   224.6185     0.41   0.684    -349.8263    532.9306
     towfe25 |  (omitted)
     towfe26 |   45.98046   227.8795     0.20   0.840    -401.8059    493.7668
     towfe27 |  -4.772395     228.67    -0.02   0.983    -454.1121    444.5673
     towfe28 |   9.183363   225.6528     0.04   0.968    -434.2274    452.5941
     towfe29 |   39.57659   225.3098     0.18   0.861    -403.1602    482.3133
     towfe30 |   36.39483    224.745     0.16   0.871     -405.232    478.0217
     towfe31 |  -32.65248   225.2641    -0.14   0.885    -475.2995    409.9945
     towfe32 |  -271.4221     228.25    -1.19   0.235    -719.9363    177.0921
     towfe33 |   22.67784   225.2318     0.10   0.920    -419.9056    465.2613
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |   31.07779   224.1451     0.14   0.890    -409.3704     471.526
     towfe37 |   39.88851   226.1608     0.18   0.860    -404.5204    484.2975
     towfe38 |   173.0345   228.6022     0.76   0.449    -276.1718    622.2408
     towfe39 |   68.27734   225.8923     0.30   0.763    -375.6041    512.1588
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |   20.60207   226.0032     0.09   0.927    -423.4972    464.7014
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |   110.7913   224.4052     0.49   0.622     -330.168    551.7505
     towfe49 |   75.19253   226.0382     0.33   0.740    -368.9756    519.3607
     towfe50 |   45.58811   224.3786     0.20   0.839    -395.3189    486.4951
     towfe51 |  -105.8399   221.0855    -0.48   0.632    -540.2759     328.596
     towfe52 |  -35.55543   224.2922    -0.16   0.874    -476.2925    405.1817
     towfe53 |   -143.584   227.4529    -0.63   0.528     -590.532    303.3639
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |  -74.81901   225.4264    -0.33   0.740    -517.7849    368.1468
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |    1.27427   231.0076     0.01   0.996    -452.6587    455.2072
     towfe62 |  (omitted)
     towfe63 |  -76.05969   225.1521    -0.34   0.736    -518.4866    366.3672
     towfe64 |  -75.55868   227.4741    -0.33   0.740    -522.5483    371.4309
     towfe65 |    261.265   230.3663     1.13   0.257    -191.4078    713.9378
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  (omitted)
     towfe73 |   5.844606   226.0502     0.03   0.979     -438.347    450.0362
     towfe74 |  -104.6191   225.4854    -0.46   0.643     -547.701    338.4627
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |   130.5042    223.516     0.58   0.560    -308.7079    569.7162
     towfe78 |  (omitted)
     towfe79 |  -11.25045   225.1967    -0.05   0.960     -453.765    431.2641
     towfe80 |   123.2552   222.7238     0.55   0.580    -314.4001    560.9105
     towfe81 |  -23.47956   226.3679    -0.10   0.917    -468.2955    421.3364
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |   -2.93756   225.9696    -0.01   0.990    -446.9709    441.0958
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |   57.53653   224.8052     0.26   0.798    -384.2086    499.2817
     towfe90 |  (omitted)
     towfe91 |   22.32365   225.1415     0.10   0.921    -420.0824    464.7297
     towfe92 |  (omitted)
     towfe93 |   16.44392   226.3225     0.07   0.942    -428.2828    461.1707
     towfe94 |  (omitted)
     towfe95 |  -84.26058   220.3757    -0.38   0.702    -517.3017    348.7805
     towfe96 |   146.3744   227.7451     0.64   0.521    -301.1478    593.8965
     towfe97 |  (omitted)
     towfe98 |   17.43465    225.692     0.08   0.938    -426.0531    460.9224
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |   72.08173   225.4903     0.32   0.749    -371.0097    515.1731
    towfe103 |  -12.52327   225.3643    -0.06   0.956    -455.3671    430.3206
    towfe104 |  (omitted)
    towfe105 |  -5.143859   223.4619    -0.02   0.982    -444.2494    433.9617
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |   -8.64616    224.019    -0.04   0.969    -448.8465    431.5542
    towfe111 |    111.994   225.1446     0.50   0.619    -330.4182    554.4061
    towfe112 |   10.28279   225.5344     0.05   0.964    -432.8954    453.4609
    towfe113 |  -3.352957   226.5341    -0.01   0.988    -448.4956    441.7897
    towfe114 |    13.9642   226.6612     0.06   0.951     -431.428    459.3564
    towfe115 |   120.9012   224.5908     0.54   0.591    -320.4227    562.2251
    towfe116 |   79.34209   224.9687     0.35   0.724    -362.7244    521.4086
    towfe117 |  -18.05404   224.5048    -0.08   0.936    -459.2089    423.1008
    towfe118 |   111.1318    225.745     0.49   0.623    -332.4602    554.7238
    towfe119 |   172.9778   225.0207     0.77   0.442     -269.191    615.1465
    towfe120 |   9.100169   225.4875     0.04   0.968    -433.9858    452.1862
    towfe121 |   49.92072   224.5195     0.22   0.824     -391.263    491.1045
    towfe122 |   56.29489   225.9045     0.25   0.803    -387.6105    500.2003
    towfe123 |  -83.69059   224.9236    -0.37   0.710    -525.6685    358.2873
    towfe124 |  -25.10206   224.9569    -0.11   0.911    -467.1454    416.9413
    towfe125 |   107.8107     226.91     0.48   0.635    -338.0705    553.6918
    towfe126 |   43.44952    225.148     0.19   0.847    -398.9693    485.8684
    towfe127 |  (omitted)
    towfe128 |  -9.104669   225.5833    -0.04   0.968    -452.3788    434.1695
    towfe129 |  -31.86531    228.962    -0.14   0.889    -481.7787     418.048
    towfe130 |  -145.8825   224.1236    -0.65   0.515    -586.2884    294.5234
    towfe131 |  -1.139025   225.8766    -0.01   0.996    -444.9896    442.7116
    towfe132 |  -23.14821   226.6313    -0.10   0.919    -468.4817    422.1853
    towfe133 |   173.7665     225.26     0.77   0.441    -268.8725    616.4055
    towfe134 |  -42.96345   225.6714    -0.19   0.849    -486.4108    400.4839
    towfe135 |   71.63425   226.0657     0.32   0.751    -372.5878    515.8563
    towfe136 |  (omitted)
    towfe137 |   75.07586   225.2268     0.33   0.739    -367.4977    517.6495
    towfe138 |   62.44469    225.008     0.28   0.782     -379.699    504.5884
    towfe139 |   64.70772   226.0393     0.29   0.775    -379.4625    508.8779
    towfe140 |  (omitted)
    towfe141 |   138.1679   223.1318     0.62   0.536     -300.289    576.6248
    towfe142 |  -86.40033   228.5081    -0.38   0.706    -535.4219    362.6212
    towfe143 |   21.61994   225.3454     0.10   0.924    -421.1869    464.4267
    towfe144 |  -11.75947   226.9019    -0.05   0.959    -457.6247    434.1057
    towfe145 |  -76.34853   224.0424    -0.34   0.733    -516.5949    363.8978
    towfe146 |   16.69692   224.9059     0.07   0.941    -425.2461    458.6399
    towfe147 |  -38.32265   224.9074    -0.17   0.865    -480.2687    403.6234
    towfe148 |    32.0567   225.6133     0.14   0.887    -411.2764    475.3898
    towfe149 |  (omitted)
    towfe150 |  (omitted)
    towfe151 |   53.07947   229.5505     0.23   0.817    -397.9904    504.1493
    towfe152 |   43.09287   226.2718     0.19   0.849    -401.5343      487.72
    towfe153 |   81.44726    225.921     0.36   0.719    -362.4906    525.3851
    towfe154 |  (omitted)
    towfe155 |  -24.21783   225.2996    -0.11   0.914    -466.9346     418.499
    towfe156 |  -56.14573   224.4902    -0.25   0.803    -497.2719    384.9804
    towfe157 |   50.68798   224.7281     0.23   0.822    -390.9058    492.2818
    towfe158 |   -71.9783   224.0508    -0.32   0.748    -512.2412    368.2846
    towfe159 |  -151.4621   227.3251    -0.67   0.506     -598.159    295.2348
    towfe160 |      87.57   225.8471     0.39   0.698    -356.2225    531.3625
    towfe161 |   160.8077   226.9022     0.71   0.479    -285.0582    606.6736
    towfe162 |   373.2803   227.4356     1.64   0.101    -73.63384    820.1943
    towfe163 |  (omitted)
    towfe164 |  -122.2568    224.263    -0.55   0.586    -562.9367    318.4231
    towfe165 |  -13.82036   223.6448    -0.06   0.951    -453.2853    425.6446
    towfe166 |  -25.69086   225.6642    -0.11   0.909     -469.124    417.7422
    towfe167 |  (omitted)
    towfe168 |   66.73478   227.7901     0.29   0.770    -380.8759    514.3455
    towfe169 |  -71.01395   224.5214    -0.32   0.752    -512.2015    370.1736
    towfe170 |  -20.72899   224.4965    -0.09   0.926    -461.8675    420.4096
    towfe171 |  -127.5449   224.4134    -0.57   0.570    -568.5203    313.4306
    towfe172 |  -74.53125   225.2774    -0.33   0.741    -517.2044    368.1419
    towfe173 |   148.2948   228.3825     0.65   0.516    -300.4798    597.0694
    towfe174 |  -35.85185   224.8701    -0.16   0.873    -477.7245    406.0209
    towfe175 |   41.47797   225.7192     0.18   0.854    -402.0632    485.0192
    towfe176 |   82.42544   222.8343     0.37   0.712    -355.4469    520.2978
    towfe177 |  -10.28252   224.8603    -0.05   0.964     -452.136     431.571
    towfe178 |  -23.51325    224.247    -0.10   0.917    -464.1616    417.1351
    towfe179 |  -72.81304   226.7823    -0.32   0.748    -518.4433    372.8173
    towfe180 |   43.44005   225.7139     0.19   0.847    -400.0908    486.9709
    towfe181 |  -16.02814   223.7408    -0.07   0.943    -455.6819    423.6256
    towfe182 |   47.53152   225.4649     0.21   0.833    -395.5099     490.573
    towfe183 |   86.99548   222.9083     0.39   0.697    -351.0224    525.0133
    towfe184 |   71.24311   224.7279     0.32   0.751    -370.3502    512.8364
    towfe185 |  -23.09377   227.2916    -0.10   0.919    -469.7249    423.5373
    towfe186 |   79.86748   224.6783     0.36   0.722    -361.6284    521.3634
    towfe187 |  (omitted)
    towfe188 |   227.4815   225.8125     1.01   0.314    -216.2431     671.206
    towfe189 |  (omitted)
    towfe190 |   50.74975   225.1809     0.23   0.822    -391.7337    493.2332
    towfe191 |   56.89069   226.8229     0.25   0.802    -388.8194    502.6008
    towfe192 |   92.33485   225.0182     0.41   0.682    -349.8289    534.4986
    towfe193 |  -55.73262    226.213    -0.25   0.806    -500.2441    388.7789
    towfe194 |  -43.06043   226.0295    -0.19   0.849    -487.2114    401.0906
    towfe195 |  -4.271329   227.7629    -0.02   0.985    -451.8284    443.2858
    towfe196 |  -28.65155   226.4128    -0.13   0.899    -473.5558    416.2527
    towfe197 |  -4.156433   226.2579    -0.02   0.985    -448.7562    440.4433
    towfe198 |   112.7616   227.7288     0.50   0.621    -334.7287    560.2518
    towfe199 |   6.566058   225.2775     0.03   0.977    -436.1072    449.2393
    towfe200 |   37.96608   227.9772     0.17   0.868    -410.0122    485.9444
    towfe201 |  (omitted)
    towfe202 |   96.91872   224.7871     0.43   0.667    -344.7908    538.6283
    towfe203 |   34.41861    226.087     0.15   0.879    -409.8454    478.6826
    towfe204 |  -33.11738   223.8842    -0.15   0.882    -473.0528     406.818
    towfe205 |  -7.159544    223.154    -0.03   0.974    -445.6602    431.3411
    towfe206 |   3.781324   225.1484     0.02   0.987    -438.6384     446.201
    towfe207 |   95.09287    226.597     0.42   0.675    -350.1732    540.3589
    towfe208 |   1.200271   225.1624     0.01   0.996    -441.2468    443.6474
    towfe209 |   3.786697      225.2     0.02   0.987    -438.7342    446.3076
    towfe210 |   21.71836   222.8123     0.10   0.922    -416.1108    459.5475
    towfe211 |  -89.92958   223.1903    -0.40   0.687    -528.5016    348.6424
    towfe212 |   19.11747   224.7347     0.09   0.932    -422.4892    460.7242
    towfe213 |   134.6839   225.3357     0.60   0.550    -308.1038    577.4715
    towfe214 |  -27.67944   225.2225    -0.12   0.902    -470.2446    414.8857
    towfe215 |  -68.70625   223.7765    -0.31   0.759    -508.4301    371.0176
    towfe216 |   78.58282   224.7524     0.35   0.727    -363.0586    520.2243
    towfe217 |  (omitted)
    towfe218 |    33.5378   224.7331     0.15   0.881    -408.0658    475.1414
    towfe219 |   5.094096   226.1934     0.02   0.982     -439.379    449.5672
    towfe220 |   41.03919   225.3322     0.18   0.856    -401.7415    483.8199
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   110.6085   226.8407     0.49   0.626    -335.1366    556.3536
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |  -921.8477   226.6548    -4.07   0.000    -1367.227    -476.468
    towfe227 |  -66.04387    227.121    -0.29   0.771    -512.3397     380.252
    towfe228 |  (omitted)
    towfe229 |   29.29484   225.5038     0.13   0.897    -413.8232    472.4129
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -335.8945   302.6031    -1.11   0.268    -930.5137    258.7247
             |
c_e~p_rtot98 |
         S2. |   1.042416   .0453993    22.96   0.000     .9532053    1.131626
             |
c_exc_rtot98 |
         S2. |  -.0526247   .0469769    -1.12   0.263     -.144935    .0396855
             |
c_utax4_r~98 |   .2410637   .4246878     0.57   0.571    -.5934536    1.075581
c_rrev_rt~98 |  -.0169595   .4129204    -0.04   0.967    -.8283537    .7944346
       _cons |   141.8402   166.0158     0.85   0.393    -184.3832    468.0635
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F(168,   471) = 9236.05
       Model |  76864262.4   168  457525.371           Prob > F      =  0.0000
    Residual |  23331.8757   471   49.536891           R-squared     =  0.9997
-------------+------------------------------           Adj R-squared =  0.9996
       Total |  76887594.3   639  120324.874           Root MSE      =  7.0382

------------------------------------------------------------------------------
S2.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   .0230965   .0136898     1.69   0.092    -.0038041    .0499971
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  -.0484724   .7939807    -0.06   0.951    -1.608655     1.51171
     yearfe6 |  (omitted)
     yearfe7 |  -.0502936   .7945202    -0.06   0.950    -1.611536    1.510949
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  -6.614078    2.06619    -3.20   0.001    -10.67417   -2.553987
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |  -2.242554   5.170353    -0.43   0.665    -12.40237    7.917258
      towfe2 |   2.414088   5.163679     0.47   0.640    -7.732611    12.56079
      towfe3 |   1.893784   5.144974     0.37   0.713    -8.216159    12.00373
      towfe4 |  (omitted)
      towfe5 |   2.914943   5.159945     0.56   0.572    -7.224419     13.0543
      towfe6 |   1.835487   5.108543     0.36   0.720    -8.202869    11.87384
      towfe7 |   1.508054   5.164127     0.29   0.770    -8.639524    11.65563
      towfe8 |   2.958621   5.161244     0.57   0.567    -7.183293    13.10054
      towfe9 |   2.324363   5.144787     0.45   0.652    -7.785211    12.43394
     towfe10 |   2.986077    5.16094     0.58   0.563    -7.155239    13.12739
     towfe11 |   2.119103   5.149685     0.41   0.681    -8.000097     12.2383
     towfe12 |  (omitted)
     towfe13 |  -14.14511   5.177244    -2.73   0.007    -24.31847    -3.97176
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |   2.183683   5.133335     0.43   0.671    -7.903389    12.27075
     towfe17 |  (omitted)
     towfe18 |   2.000822   5.132127     0.39   0.697    -8.083877    12.08552
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   2.722262   5.182724     0.53   0.600    -7.461859    12.90638
     towfe23 |  -2.454485   5.336509    -0.46   0.646     -12.9408    8.031827
     towfe24 |   2.075582   5.138695     0.40   0.686    -8.022023    12.17319
     towfe25 |  (omitted)
     towfe26 |    2.76089   5.213298     0.53   0.597    -7.483311    13.00509
     towfe27 |   17.32291   5.231383     3.31   0.001     7.043168    27.60264
     towfe28 |   2.493585   5.162356     0.48   0.629    -7.650514    12.63768
     towfe29 |    5.06721   5.154509     0.98   0.326    -5.061469    15.19589
     towfe30 |   1.853293   5.141588     0.36   0.719    -8.249995    11.95658
     towfe31 |   2.315648   5.153464     0.45   0.653    -7.810978    12.44228
     towfe32 |   2.770803   5.221773     0.53   0.596     -7.49005    13.03166
     towfe33 |   1.853224   5.152724     0.36   0.719    -8.271948     11.9784
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |   1.674081   5.127865     0.33   0.744    -8.402243     11.7504
     towfe37 |   1.554387   5.173978     0.30   0.764    -8.612548    11.72132
     towfe38 |   1.178102   5.229831     0.23   0.822    -9.098586    11.45479
     towfe39 |     1.5398   5.167837     0.30   0.766    -8.615069    11.69467
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |    2.29269   5.170373     0.44   0.658    -7.867162    12.45254
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |     1.7019   5.133815     0.33   0.740    -8.386115    11.78992
     towfe49 |   .4170557   5.171174     0.08   0.936    -9.744371    10.57848
     towfe50 |   1.913602   5.133207     0.37   0.709    -8.173217    12.00042
     towfe51 |   1.319101   5.057868     0.26   0.794    -8.619677    11.25788
     towfe52 |   1.851846   5.131228     0.36   0.718    -8.231086    11.93478
     towfe53 |   1.457337   5.203538     0.28   0.780    -8.767684    11.68236
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |   1.521032   5.157176     0.29   0.768    -8.612889    11.65495
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |  -.3938297   5.284859    -0.07   0.941    -10.77865     9.99099
     towfe62 |  (omitted)
     towfe63 |   1.518133   5.150901     0.29   0.768    -8.603458    11.63972
     towfe64 |   2.694811   5.204022     0.52   0.605    -7.531162    12.92078
     towfe65 |   .2437923   5.270189     0.05   0.963     -10.1122    10.59978
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  (omitted)
     towfe73 |   2.306159   5.171447     0.45   0.656    -7.855803    12.46812
     towfe74 |    1.05447   5.158527     0.20   0.838    -9.082104    11.19104
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |   1.625642   5.113473     0.32   0.751    -8.422401    11.67368
     towfe78 |  (omitted)
     towfe79 |   1.709868   5.151922     0.33   0.740    -8.413728    11.83346
     towfe80 |   1.226531   5.095349     0.24   0.810    -8.785899    11.23896
     towfe81 |   2.026999   5.178716     0.39   0.696    -8.149247    12.20325
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |   2.246746   5.169605     0.43   0.664    -7.911596    12.40509
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |   2.218123   5.142965     0.43   0.666    -7.887871    12.32412
     towfe90 |  (omitted)
     towfe91 |   4.379162    5.15066     0.85   0.396    -5.741953    14.50028
     towfe92 |  (omitted)
     towfe93 |   2.432523   5.177678     0.47   0.639    -7.741683    12.60673
     towfe94 |  (omitted)
     towfe95 |   1.551294   5.041629     0.31   0.758    -8.355574    11.45816
     towfe96 |   2.315456   5.210222     0.44   0.657    -7.922701    12.55361
     towfe97 |  (omitted)
     towfe98 |    2.52569   5.163252     0.49   0.625     -7.62017    12.67155
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |   1.828121   5.158638     0.35   0.723    -8.308672    11.96492
    towfe103 |   2.116225   5.155756     0.41   0.682    -8.014905    12.24735
    towfe104 |  (omitted)
    towfe105 |   1.935472   5.112234     0.38   0.705    -8.110136    11.98108
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |   1.901322   5.124979     0.37   0.711    -8.169331    11.97197
    towfe111 |   1.702309    5.15073     0.33   0.741    -8.418945    11.82356
    towfe112 |   2.560357   5.159648     0.50   0.620     -7.57842    12.69914
    towfe113 |   1.186587   5.182519     0.23   0.819    -8.997132    11.37031
    towfe114 |   1.681198   5.185425     0.32   0.746    -8.508232    11.87063
    towfe115 |   1.766718    5.13806     0.34   0.731    -8.329639    11.86308
    towfe116 |   2.264879   5.146706     0.44   0.660    -7.848468    12.37823
    towfe117 |   1.930085   5.136092     0.38   0.707    -8.162405    12.02257
    towfe118 |   1.895862   5.164466     0.37   0.714    -8.252383    12.04411
    towfe119 |   1.350335   5.147896     0.26   0.793     -8.76535    11.46602
    towfe120 |   2.134311   5.158575     0.41   0.679    -8.002359    12.27098
    towfe121 |    1.32729   5.136429     0.26   0.796    -8.765861    11.42044
    towfe122 |   2.722489   5.168115     0.53   0.599    -7.432925     12.8779
    towfe123 |    2.12518   5.145674     0.41   0.680    -7.986139     12.2365
    towfe124 |   1.815047   5.146437     0.35   0.724     -8.29777    11.92786
    towfe125 |   2.006776   5.191118     0.39   0.699     -8.19384    12.20739
    towfe126 |   1.689988   5.150808     0.33   0.743    -8.431419    11.81139
    towfe127 |  (omitted)
    towfe128 |   2.059012   5.160766     0.40   0.690    -8.081961    12.19999
    towfe129 |   2.074716   5.238062     0.40   0.692    -8.218146    12.36758
    towfe130 |   1.587378   5.127372     0.31   0.757    -8.487977    11.66273
    towfe131 |   2.012931   5.167477     0.39   0.697    -8.141231    12.16709
    towfe132 |   2.093215   5.184741     0.40   0.687    -8.094872     12.2813
    towfe133 |   2.054602   5.153371     0.40   0.690    -8.071842    12.18105
    towfe134 |   2.101652   5.162783     0.41   0.684    -8.043285    12.24659
    towfe135 |   .5172654   5.171801     0.10   0.920    -9.645394    10.67992
    towfe136 |  (omitted)
    towfe137 |   1.956888    5.15261     0.38   0.704    -8.168059    12.08183
    towfe138 |   1.877353   5.147604     0.36   0.715    -8.237758    11.99246
    towfe139 |   1.822182   5.171198     0.35   0.725    -8.339292    11.98366
    towfe140 |  (omitted)
    towfe141 |   1.959677   5.104682     0.38   0.701    -8.071091    11.99045
    towfe142 |   2.512214   5.227679     0.48   0.631    -7.760245    12.78467
    towfe143 |   1.688477   5.155325     0.33   0.743    -8.441805    11.81876
    towfe144 |   2.582199   5.190932     0.50   0.619    -7.618051    12.78245
    towfe145 |   1.721005   5.125515     0.34   0.737    -8.350701    11.79271
    towfe146 |   2.156536   5.145268     0.42   0.675    -7.953985    12.26706
    towfe147 |   2.174773   5.145304     0.42   0.673    -7.935818    12.28536
    towfe148 |   2.849457   5.161452     0.55   0.581    -7.292865    12.99178
    towfe149 |  (omitted)
    towfe150 |  (omitted)
    towfe151 |   2.547864   5.251527     0.49   0.628    -7.771456    12.86718
    towfe152 |   1.302837   5.176518     0.25   0.801     -8.86909    11.47476
    towfe153 |   1.899555   5.168493     0.37   0.713    -8.256603    12.05571
    towfe154 |  (omitted)
    towfe155 |   2.222266   5.154277     0.43   0.667    -7.905957    12.35049
    towfe156 |   1.872579   5.135758     0.36   0.716    -8.219254    11.96441
    towfe157 |    2.04725   5.141202     0.40   0.691    -8.055281    12.14978
    towfe158 |   .8132444   5.125707     0.16   0.874    -9.258839    10.88533
    towfe159 |   28.80767   5.200615     5.54   0.000     18.58839    39.02695
    towfe160 |   1.990603   5.166801     0.39   0.700     -8.16223    12.14344
    towfe161 |   2.218427    5.19094     0.43   0.669     -7.98184    12.41869
    towfe162 |   2.697259   5.203143     0.52   0.604    -7.526988    12.92151
    towfe163 |  (omitted)
    towfe164 |    2.10774   5.130562     0.41   0.681    -7.973884    12.18936
    towfe165 |   1.339374   5.116418     0.26   0.794    -8.714456     11.3932
    towfe166 |    2.45513   5.162616     0.48   0.635     -7.68948    12.59974
    towfe167 |  (omitted)
    towfe168 |   3.066302   5.211253     0.59   0.557     -7.17388    13.30648
    towfe169 |   1.966432   5.136473     0.38   0.702    -8.126807    12.05967
    towfe170 |   2.108692   5.135902     0.41   0.682    -7.983425    12.20081
    towfe171 |   1.934335   5.134003     0.38   0.707     -8.15405    12.02272
    towfe172 |   1.921497   5.153769     0.37   0.709    -8.205727    12.04872
    towfe173 |   2.303897   5.224804     0.44   0.659    -7.962914    12.57071
    towfe174 |   2.106952    5.14445     0.41   0.682     -8.00196    12.21586
    towfe175 |   1.832006   5.163875     0.35   0.723    -8.315078    11.97909
    towfe176 |   1.986233   5.097876     0.39   0.697    -8.031162    12.00363
    towfe177 |   1.935169   5.144226     0.38   0.707    -8.173303    12.04364
    towfe178 |   1.893887   5.130195     0.37   0.712    -8.187015    11.97479
    towfe179 |   2.233664   5.188197     0.43   0.667    -7.961213    12.42854
    towfe180 |   3.229894   5.163754     0.63   0.532    -6.916952    13.37674
    towfe181 |   1.914278   5.118616     0.37   0.709    -8.143871    11.97243
    towfe182 |      3.477   5.158057     0.67   0.501     -6.65865    13.61265
    towfe183 |  -4.414167    5.09957    -0.87   0.387    -14.43489    5.606556
    towfe184 |   2.467464   5.141196     0.48   0.631    -7.635056    12.56998
    towfe185 |   2.544016   5.199849     0.49   0.625    -7.673757    12.76179
    towfe186 |   1.914267   5.140063     0.37   0.710    -8.186025    12.01456
    towfe187 |  (omitted)
    towfe188 |   1.873565    5.16601     0.36   0.717    -8.277713    12.02484
    towfe189 |  (omitted)
    towfe190 |   1.743008    5.15156     0.34   0.735    -8.379877    11.86589
    towfe191 |    2.18413   5.189126     0.42   0.674    -8.012571    12.38083
    towfe192 |   1.818017   5.147838     0.35   0.724    -8.297554    11.93359
    towfe193 |   2.166277   5.175171     0.42   0.676    -8.003004    12.33556
    towfe194 |   2.238345   5.170974     0.43   0.665    -7.922689    12.39938
    towfe195 |    2.54782   5.210629     0.49   0.625    -7.691137    12.78678
    towfe196 |    6.09695   5.179744     1.18   0.240    -4.081315    16.27522
    towfe197 |   2.222919   5.176199     0.43   0.668    -7.948381    12.39422
    towfe198 |  -17.96121   5.209851    -3.45   0.001    -28.19864   -7.723785
    towfe199 |   2.547633    5.15377     0.49   0.621    -7.579594    12.67486
    towfe200 |   2.326884   5.215534     0.45   0.656    -7.921709    12.57548
    towfe201 |  (omitted)
    towfe202 |   2.551624    5.14255     0.50   0.620    -7.553557     12.6568
    towfe203 |   2.642914    5.17229     0.51   0.610    -7.520705    12.80653
    towfe204 |   1.716503   5.121895     0.34   0.738    -8.348089     11.7811
    towfe205 |   2.474086   5.105191     0.48   0.628    -7.557683    12.50585
    towfe206 |   1.565218   5.150818     0.30   0.761    -8.556208    11.68664
    towfe207 |   2.817778   5.183956     0.54   0.587    -7.368765    13.00432
    towfe208 |    1.86742   5.151137     0.36   0.717    -8.254633    11.98947
    towfe209 |   1.800248   5.151997     0.35   0.727    -8.323495    11.92399
    towfe210 |    1.48648   5.097373     0.29   0.771    -8.529927    11.50289
    towfe211 |   1.283388   5.106022     0.25   0.802    -8.750013    11.31679
    towfe212 |   2.072014   5.141353     0.40   0.687    -8.030813    12.17484
    towfe213 |   1.739168   5.155101     0.34   0.736    -8.390675    11.86901
    towfe214 |   1.874173   5.152511     0.36   0.716    -8.250581    11.99893
    towfe215 |    .871565   5.119431     0.17   0.865    -9.188186    10.93132
    towfe216 |   2.210819   5.141757     0.43   0.667    -7.892803    12.31444
    towfe217 |  (omitted)
    towfe218 |   1.553926   5.141316     0.30   0.763    -8.548829    11.65668
    towfe219 |   1.626458   5.174724     0.31   0.753    -8.541944    11.79486
    towfe220 |   2.004614   5.155021     0.39   0.698    -8.125072     12.1343
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |  -11.58588   5.189533    -2.23   0.026    -21.78338   -1.388377
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |   1.520966   5.185279     0.29   0.769    -8.668177    11.71011
    towfe227 |   2.216656   5.195946     0.43   0.670    -7.993447    12.42676
    towfe228 |  (omitted)
    towfe229 |  -1.826551   5.158948    -0.35   0.723    -11.96395    8.310851
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
             |
  lnadm_rtot |
         S2. |   3.171596   6.922782     0.46   0.647    -10.43176    16.77496
             |
c_e~p_rtot98 |
         S2. |   .0018283   .0010386     1.76   0.079    -.0002126    .0038692
             |
c_exc_rtot98 |
         S2. |   .9896526   .0010747   920.85   0.000     .9875408    .9917644
             |
c_utax4_r~98 |  -.0069661   .0097158    -0.72   0.474    -.0260577    .0121255
c_rrev_rt~98 |   .0248396   .0094466     2.63   0.009      .006277    .0434022
       _cons |  -1.964902   3.798016    -0.52   0.605    -9.428055     5.49825
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F(168,   471) = 1414.50
       Model |  1284900.66   168  7648.21822           Prob > F      =  0.0000
    Residual |  2546.69544   471   5.4069967           R-squared     =  0.9980
-------------+------------------------------           Adj R-squared =  0.9973
       Total |  1287447.36   639  2014.78459           Root MSE      =  2.3253

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   -.024722   .0045228    -5.47   0.000    -.0336094   -.0158346
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   .2588624   .2623153     0.99   0.324    -.2565907    .7743155
     yearfe6 |  (omitted)
     yearfe7 |   .2685883   .2624935     1.02   0.307     -.247215    .7843917
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  -3.048963   .6826278    -4.47   0.000    -4.390336    -1.70759
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |   4.238917   1.708181     2.48   0.013     .8823184    7.595515
      towfe2 |   3.585597   1.705976     2.10   0.036     .2333312    6.937863
      towfe3 |   3.560609   1.699796     2.09   0.037     .2204865    6.900731
      towfe4 |  (omitted)
      towfe5 |   3.863147   1.704742     2.27   0.024     .5133053    7.212989
      towfe6 |     3.9216    1.68776     2.32   0.021     .6051288    7.238072
      towfe7 |   2.882835   1.706124     1.69   0.092    -.4697211    6.235391
      towfe8 |   3.810386   1.705172     2.23   0.026     .4597014    7.161071
      towfe9 |   3.651739   1.699734     2.15   0.032     .3117387     6.99174
     towfe10 |   4.222787   1.705071     2.48   0.014     .8722996    7.573275
     towfe11 |   2.721717   1.701353     1.60   0.110     -.621464    6.064897
     towfe12 |  (omitted)
     towfe13 |   3.161598   1.710458     1.85   0.065    -.1994741     6.52267
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |   3.605601   1.695951     2.13   0.034     .2730343    6.938167
     towfe17 |  (omitted)
     towfe18 |   3.887641   1.695552     2.29   0.022     .5558589    7.219424
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   3.979803   1.712268     2.32   0.021     .6151732    7.344432
     towfe23 |   3.321651   1.763076     1.88   0.060    -.1428159    6.786119
     towfe24 |    3.63236   1.697722     2.14   0.033     .2963133    6.968406
     towfe25 |  (omitted)
     towfe26 |   5.640563   1.722369     3.27   0.001     2.256085    9.025042
     towfe27 |   3.016783   1.728344     1.75   0.082    -.3794362    6.413002
     towfe28 |   3.240665   1.705539     1.90   0.058    -.1107422    6.592072
     towfe29 |   4.224338   1.702946     2.48   0.013     .8780252     7.57065
     towfe30 |   3.741379   1.698677     2.20   0.028     .4034555    7.079303
     towfe31 |   4.328658   1.702601     2.54   0.011     .9830231    7.674292
     towfe32 |    5.20695   1.725169     3.02   0.003      1.81697     8.59693
     towfe33 |   3.696722   1.702357     2.17   0.030     .3515683    7.041876
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |   4.948493   1.694144     2.92   0.004     1.619478    8.277508
     towfe37 |   2.653185   1.709378     1.55   0.121    -.7057667    6.012136
     towfe38 |    1.60054   1.727831     0.93   0.355    -1.794672    4.995751
     towfe39 |   3.224788    1.70735     1.89   0.060    -.1301771    6.579752
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |   2.789281   1.708187     1.63   0.103    -.5673297    6.145893
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |   3.668607    1.69611     2.16   0.031     .3357292    7.001485
     towfe49 |   2.034387   1.708452     1.19   0.234    -1.322744    5.391519
     towfe50 |   2.774568   1.695909     1.64   0.103    -.5579151    6.107051
     towfe51 |   4.459291   1.671018     2.67   0.008     1.175718    7.742864
     towfe52 |   3.602993   1.695255     2.13   0.034     .2717942    6.934192
     towfe53 |   1.797083   1.719144     1.05   0.296    -1.581059    5.175225
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |   4.381911   1.703828     2.57   0.010     1.033867    7.729955
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |   5.469899   1.746012     3.13   0.002     2.038963    8.900835
     towfe62 |  (omitted)
     towfe63 |   1.511901   1.701755     0.89   0.375    -1.832069    4.855872
     towfe64 |   6.878611   1.719305     4.00   0.000     3.500154    10.25707
     towfe65 |    1.55817   1.741165     0.89   0.371    -1.863242    4.979582
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  (omitted)
     towfe73 |   3.002237   1.708542     1.76   0.080    -.3550714    6.359546
     towfe74 |   2.860277   1.704274     1.68   0.094    -.4886434    6.209198
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |   4.286709   1.689389     2.54   0.011     .9670373    7.606381
     towfe78 |  (omitted)
     towfe79 |   3.854218   1.702092     2.26   0.024     .5095852    7.198851
     towfe80 |   5.206299   1.683401     3.09   0.002     1.898393    8.514205
     towfe81 |   3.109906   1.710944     1.82   0.070    -.2521214    6.471934
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |     3.1805   1.707934     1.86   0.063    -.1756122    6.536613
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |   3.591264   1.699132     2.11   0.035     .2524459    6.930082
     towfe90 |  (omitted)
     towfe91 |   3.641275   1.701675     2.14   0.033     .2974617    6.985089
     towfe92 |  (omitted)
     towfe93 |    3.88189   1.710601     2.27   0.024     .5205367    7.243244
     towfe94 |  (omitted)
     towfe95 |   4.824434   1.665653     2.90   0.004     1.551403    8.097465
     towfe96 |   7.227379   1.721353     4.20   0.000     3.844897    10.60986
     towfe97 |  (omitted)
     towfe98 |   3.436249   1.705835     2.01   0.045     .0842603    6.788238
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |   3.682749   1.704311     2.16   0.031     .3337554    7.031742
    towfe103 |     4.8065   1.703358     2.82   0.005     1.459378    8.153623
    towfe104 |  (omitted)
    towfe105 |   4.698366   1.688979     2.78   0.006     1.379499    8.017233
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |   4.812539    1.69319     2.84   0.005     1.485397    8.139681
    towfe111 |   3.330748   1.701698     1.96   0.051    -.0131109    6.674608
    towfe112 |   3.573741   1.704644     2.10   0.037     .2240919     6.92339
    towfe113 |   4.052871     1.7122     2.37   0.018     .6883743    7.417368
    towfe114 |   5.887258   1.713161     3.44   0.001     2.520875    9.253642
    towfe115 |   4.531824   1.697512     2.67   0.008      1.19619    7.867458
    towfe116 |   4.168826   1.700369     2.45   0.015     .8275789    7.510073
    towfe117 |   3.563167   1.696862     2.10   0.036     .2288107    6.897523
    towfe118 |   4.059564   1.706236     2.38   0.018     .7067872    7.412341
    towfe119 |   3.226172   1.700762     1.90   0.058    -.1158477    6.568191
    towfe120 |   3.515221    1.70429     2.06   0.040     .1662683    6.864173
    towfe121 |   3.368847   1.696973     1.99   0.048     .0342726    6.703422
    towfe122 |   3.896754   1.707441     2.28   0.023     .5416085    7.251899
    towfe123 |    4.14902   1.700028     2.44   0.015     .8084425    7.489597
    towfe124 |   4.048601   1.700279     2.38   0.018     .7075291    7.389673
    towfe125 |    3.08179   1.715041     1.80   0.073    -.2882887    6.451869
    towfe126 |   3.211948   1.701724     1.89   0.060    -.1319619    6.555858
    towfe127 |  (omitted)
    towfe128 |   3.710824   1.705014     2.18   0.030     .3604493    7.061198
    towfe129 |   3.080475   1.730551     1.78   0.076    -.3200803     6.48103
    towfe130 |   4.101844   1.693981     2.42   0.016     .7731483    7.430539
    towfe131 |   3.130005   1.707231     1.83   0.067    -.2247261    6.484736
    towfe132 |   3.715967   1.712935     2.17   0.031     .3500274    7.081906
    towfe133 |   3.375398    1.70257     1.98   0.048     .0298243    6.720972
    towfe134 |   3.699394    1.70568     2.17   0.031       .34771    7.051077
    towfe135 |   1.960606   1.708659     1.15   0.252    -1.396933    5.318144
    towfe136 |  (omitted)
    towfe137 |   4.201469   1.702319     2.47   0.014     .8563899    7.546549
    towfe138 |   4.709291   1.700665     2.77   0.006     1.367462    8.051121
    towfe139 |   3.532037    1.70846     2.07   0.039     .1748897    6.889184
    towfe140 |  (omitted)
    towfe141 |   4.386679   1.686485     2.60   0.010     1.072714    7.700644
    towfe142 |    1.21981    1.72712     0.71   0.480    -2.174005    4.613625
    towfe143 |   3.393679   1.703216     1.99   0.047     .0468371    6.740521
    towfe144 |  -2.848795    1.71498    -1.66   0.097    -6.218753    .5211635
    towfe145 |   4.566823   1.693367     2.70   0.007     1.239334    7.894313
    towfe146 |   2.916044   1.699893     1.72   0.087    -.4242696    6.256357
    towfe147 |   3.484155   1.699905     2.05   0.041     .1438184    6.824492
    towfe148 |   4.180088    1.70524     2.45   0.015     .8292679    7.530907
    towfe149 |  (omitted)
    towfe150 |  (omitted)
    towfe151 |   3.132118   1.734999     1.81   0.072    -.2771781    6.541415
    towfe152 |   2.655559   1.710218     1.55   0.121    -.7050422    6.016159
    towfe153 |   4.405807   1.707566     2.58   0.010     1.050416    7.761198
    towfe154 |  (omitted)
    towfe155 |   2.594445    1.70287     1.52   0.128     -.751717    5.940607
    towfe156 |   2.334731   1.696751     1.38   0.169    -.9994085     5.66887
    towfe157 |   3.599727    1.69855     2.12   0.035     .2620534    6.937401
    towfe158 |   4.376617   1.693431     2.58   0.010     1.049002    7.704231
    towfe159 |   3.331884   1.718179     1.94   0.053    -.0443602    6.708129
    towfe160 |   3.119713   1.707007     1.83   0.068    -.2345792    6.474005
    towfe161 |   3.138093   1.714983     1.83   0.068    -.2318705    6.508057
    towfe162 |   3.378661   1.719014     1.97   0.050     .0007747    6.756547
    towfe163 |  (omitted)
    towfe164 |   3.115456   1.695035     1.84   0.067    -.2153107    6.446222
    towfe165 |   3.931886   1.690362     2.33   0.020     .6103026     7.25347
    towfe166 |   .6360047   1.705625     0.37   0.709    -2.715571    3.987581
    towfe167 |  (omitted)
    towfe168 |   3.247955   1.721694     1.89   0.060    -.1351959    6.631106
    towfe169 |   4.253258   1.696988     2.51   0.013      .918654    7.587861
    towfe170 |   3.945861   1.696799     2.33   0.020     .6116281    7.280094
    towfe171 |   3.241305   1.696172     1.91   0.057    -.0916952    6.574305
    towfe172 |   3.059837   1.702702     1.80   0.073    -.2859947    6.405669
    towfe173 |    3.80322   1.726171     2.20   0.028     .4112717    7.195169
    towfe174 |   3.003844   1.699623     1.77   0.078    -.3359379    6.343626
    towfe175 |   3.876218   1.706041     2.27   0.024     .5238253    7.228611
    towfe176 |   .8650079   1.684236     0.51   0.608    -2.444538    4.174554
    towfe177 |   3.639345   1.699549     2.14   0.033     .2997081    6.978981
    towfe178 |   3.146073   1.694914     1.86   0.064    -.1844543    6.476601
    towfe179 |   3.950962   1.714076     2.31   0.022     .5827791    7.319145
    towfe180 |   4.099024   1.706001     2.40   0.017     .7467098    7.451339
    towfe181 |   4.587049   1.691088     2.71   0.007     1.264038    7.910059
    towfe182 |   4.383788   1.704119     2.57   0.010     1.035172    7.732404
    towfe183 |   3.288092   1.684796     1.95   0.052    -.0225539    6.598738
    towfe184 |   2.771274   1.698548     1.63   0.103    -.5663959    6.108944
    towfe185 |   3.245676   1.717926     1.89   0.059    -.1300709    6.621423
    towfe186 |   3.696109   1.698174     2.18   0.030     .3591746    7.033042
    towfe187 |  (omitted)
    towfe188 |   5.925906   1.706746     3.47   0.001     2.572127    9.279684
    towfe189 |  (omitted)
    towfe190 |   3.389641   1.701972     1.99   0.047     .0452432    6.734039
    towfe191 |   3.021842   1.714383     1.76   0.079    -.3469438    6.390628
    towfe192 |    3.96488   1.700742     2.33   0.020     .6228984    7.306862
    towfe193 |   3.456221   1.709773     2.02   0.044     .0964948    6.815948
    towfe194 |   3.919217   1.708386     2.29   0.022     .5622148    7.276219
    towfe195 |   3.228871   1.721487     1.88   0.061    -.1538746    6.611617
    towfe196 |   6.381564   1.711283     3.73   0.000     3.018869    9.744259
    towfe197 |   3.697269   1.710112     2.16   0.031     .3368759    7.057663
    towfe198 |    3.96782    1.72123     2.31   0.022     .5855797    7.350061
    towfe199 |   3.735579   1.702702     2.19   0.029     .3897461    7.081412
    towfe200 |    4.18544   1.723108     2.43   0.016     .7995108     7.57137
    towfe201 |  (omitted)
    towfe202 |   2.591024   1.698996     1.53   0.128    -.7475251    5.929573
    towfe203 |   4.143453   1.708821     2.42   0.016     .7855973    7.501309
    towfe204 |   4.269357   1.692171     2.52   0.012     .9442179    7.594497
    towfe205 |   4.439858   1.686653     2.63   0.009     1.125563    7.754153
    towfe206 |   3.366805   1.701727     1.98   0.048     .0228894    6.710722
    towfe207 |   3.782781   1.712675     2.21   0.028     .4173514    7.148211
    towfe208 |   4.133047   1.701832     2.43   0.016     .7889234     7.47717
    towfe209 |   4.074731   1.702116     2.39   0.017     .7300494    7.419412
    towfe210 |    4.53977    1.68407     2.70   0.007      1.23055     7.84899
    towfe211 |   3.382261   1.686927     2.00   0.046     .0674266    6.697095
    towfe212 |    3.76199     1.6986     2.21   0.027     .4242189    7.099762
    towfe213 |   3.289086   1.703142     1.93   0.054    -.0576107    6.635784
    towfe214 |   3.738421   1.702286     2.20   0.029     .3934052    7.083436
    towfe215 |   2.940239   1.691357     1.74   0.083    -.3833012    6.263779
    towfe216 |   4.779254   1.698734     2.81   0.005      1.44122    8.117289
    towfe217 |  (omitted)
    towfe218 |   3.473615   1.698588     2.05   0.041     .1358673    6.811363
    towfe219 |   2.771223   1.709625     1.62   0.106    -.5882135    6.130659
    towfe220 |   4.101383   1.703116     2.41   0.016     .7547375    7.448028
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   4.810985   1.714518     2.81   0.005     1.441935    8.180035
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |   2.568417   1.713112     1.50   0.134    -.7978718    5.934705
    towfe227 |   2.702845   1.716636     1.57   0.116    -.6703682    6.076058
    towfe228 |  (omitted)
    towfe229 |   3.677136   1.704413     2.16   0.031     .3279413     7.02633
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -16.93763   2.287148    -7.41   0.000    -21.43191   -12.44335
             |
c_e~p_rtot98 |
         S2. |   .0007072   .0003431     2.06   0.040      .000033    .0013815
             |
c_exc_rtot98 |
         S2. |   .0004691   .0003551     1.32   0.187    -.0002286    .0011668
             |
c_utax4_r~98 |   1.002673   .0032099   312.37   0.000      .996365     1.00898
c_rrev_rt~98 |    .020993    .003121     6.73   0.000     .0148603    .0271258
       _cons |  -3.072069   1.254788    -2.45   0.015    -5.537745    -.606393
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F(168,   471) = 1515.08
       Model |  2031216.48   168  12090.5743           Prob > F      =  0.0000
    Residual |  3758.64843   471  7.98014528           R-squared     =  0.9982
-------------+------------------------------           Adj R-squared =  0.9975
       Total |  2034975.13   639  3184.62461           Root MSE      =  2.8249

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.0018182   .0054946    -0.33   0.741    -.0126152    .0089788
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   .4502013   .3186772     1.41   0.158    -.1760036    1.076406
     yearfe6 |  (omitted)
     yearfe7 |   .4671162   .3188937     1.46   0.144    -.1595143    1.093747
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  -4.885759   .8292993    -5.89   0.000    -6.515343   -3.256174
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |   2.464818   2.075206     1.19   0.236    -1.612989    6.542625
      towfe2 |   1.294689   2.072527     0.62   0.532    -2.777855    5.367233
      towfe3 |   1.056457    2.06502     0.51   0.609    -3.001335    5.114248
      towfe4 |  (omitted)
      towfe5 |   1.400377   2.071029     0.68   0.499    -2.669223    5.469976
      towfe6 |   .9215154   2.050398     0.45   0.653    -3.107543    4.950574
      towfe7 |   .3101549   2.072707     0.15   0.881    -3.762742    4.383052
      towfe8 |    1.37446    2.07155     0.66   0.507    -2.696164    5.445083
      towfe9 |   1.311961   2.064945     0.64   0.526    -2.745683    5.369605
     towfe10 |   1.978578   2.071428     0.96   0.340    -2.091806    6.048961
     towfe11 |   -.265481   2.066911    -0.13   0.898    -4.326988    3.796026
     towfe12 |  (omitted)
     towfe13 |   1.657698   2.077972     0.80   0.425    -2.425544    5.740941
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |   .8335778   2.060348     0.40   0.686    -3.215034     4.88219
     towfe17 |  (omitted)
     towfe18 |   2.210874   2.059864     1.07   0.284    -1.836785    6.258534
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   2.179249   2.080171     1.05   0.295    -1.908315    6.266813
     towfe23 |   .8923131   2.141896     0.42   0.677     -3.31654    5.101167
     towfe24 |   1.116127     2.0625     0.54   0.589    -2.936713    5.168967
     towfe25 |  (omitted)
     towfe26 |   2.172957   2.092443     1.04   0.300    -1.938721    6.284635
     towfe27 |  -.1589693   2.099702    -0.08   0.940    -4.284911    3.966972
     towfe28 |   1.486838   2.071996     0.72   0.473    -2.584662    5.558339
     towfe29 |   2.166203   2.068847     1.05   0.296    -1.899109    6.231514
     towfe30 |   1.890939   2.063661     0.92   0.360    -2.164181     5.94606
     towfe31 |   2.619607   2.068428     1.27   0.206    -1.444881    6.684095
     towfe32 |   7.308667   2.095844     3.49   0.001     3.190305    11.42703
     towfe33 |     1.9259    2.06813     0.93   0.352    -2.138004    5.989804
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |   1.072688   2.058153     0.52   0.602     -2.97161    5.116986
     towfe37 |  -1.383671   2.076661    -0.67   0.506    -5.464337    2.696996
     towfe38 |  -.8538854   2.099078    -0.41   0.684    -4.978603    3.270832
     towfe39 |    2.12342   2.074196     1.02   0.306    -1.952403    6.199243
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |   .0128892   2.075214     0.01   0.995    -4.064934    4.090712
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |    1.81015   2.060541     0.88   0.380     -2.23884    5.859141
     towfe49 |  -1.038309   2.075536    -0.50   0.617    -5.116765    3.040146
     towfe50 |  -.2373602   2.060297    -0.12   0.908    -4.285871     3.81115
     towfe51 |   1.148673   2.030058     0.57   0.572    -2.840418    5.137765
     towfe52 |    .986573   2.059503     0.48   0.632    -3.060377    5.033523
     towfe53 |  -1.360201   2.088525    -0.65   0.515    -5.464181    2.743779
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |   -.304091   2.069917    -0.15   0.883    -4.371506    3.763324
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |   4.748765   2.121165     2.24   0.026     .5806474    8.916883
     towfe62 |  (omitted)
     towfe63 |   -2.61732   2.067399    -1.27   0.206    -6.679786    1.445147
     towfe64 |   1.555457    2.08872     0.74   0.457    -2.548905     5.65982
     towfe65 |  -.0999909   2.115277    -0.05   0.962    -4.256538    4.056556
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  (omitted)
     towfe73 |    .105992   2.075645     0.05   0.959    -3.972678    4.184662
     towfe74 |   2.767169   2.070459     1.34   0.182    -1.301311    6.835649
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |    1.92296   2.052376     0.94   0.349    -2.109987    5.955907
     towfe78 |  (omitted)
     towfe79 |   1.697597   2.067808     0.82   0.412    -2.365674    5.760869
     towfe80 |   3.369344   2.045102     1.65   0.100    -.6493085    7.387997
     towfe81 |   .7329714   2.078563     0.35   0.725    -3.351432    4.817375
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |   .8734354   2.074906     0.42   0.674    -3.203782    4.950653
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |    .545381   2.064213     0.26   0.792    -3.510826    4.601588
     towfe90 |  (omitted)
     towfe91 |   .5902744   2.067302     0.29   0.775    -3.472001     4.65255
     towfe92 |  (omitted)
     towfe93 |   1.085958   2.078146     0.52   0.602    -2.997627    5.169542
     towfe94 |  (omitted)
     towfe95 |   2.283466   2.023541     1.13   0.260    -1.692819     6.25975
     towfe96 |  -.5145473   2.091208    -0.25   0.806    -4.623799    3.594705
     towfe97 |  (omitted)
     towfe98 |   .8800105   2.072356     0.42   0.671    -3.192197    4.952218
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |   2.033478   2.070504     0.98   0.327     -2.03509    6.102047
    towfe103 |   1.659957   2.069347     0.80   0.423    -2.406338    5.726252
    towfe104 |  (omitted)
    towfe105 |    2.25628   2.051879     1.10   0.272    -1.775689     6.28825
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |   2.998493   2.056995     1.46   0.146    -1.043528    7.040515
    towfe111 |   .3435507    2.06733     0.17   0.868    -3.718781    4.405882
    towfe112 |   1.134251   2.070909     0.55   0.584    -2.935114    5.203616
    towfe113 |   5.299588   2.080089     2.55   0.011     1.212185    9.386991
    towfe114 |   4.291869   2.081256     2.06   0.040     .2021735    8.381564
    towfe115 |   2.943579   2.062245     1.43   0.154    -1.108759    6.995918
    towfe116 |   2.208019   2.065715     1.07   0.286    -1.851139    6.267176
    towfe117 |   .9523375   2.061455     0.46   0.644    -3.098449    5.003124
    towfe118 |   2.912519   2.072843     1.41   0.161    -1.160646    6.985683
    towfe119 |  -.2907453   2.066193    -0.14   0.888    -4.350842    3.769351
    towfe120 |   1.354757   2.070479     0.65   0.513    -2.713761    5.423276
    towfe121 |   .7008972    2.06159     0.34   0.734    -3.350155    4.751949
    towfe122 |   1.101239   2.074308     0.53   0.596    -2.974804    5.177281
    towfe123 |   1.956175   2.065301     0.95   0.344    -2.102169    6.014519
    towfe124 |   1.781312   2.065607     0.86   0.389    -2.277633    5.840257
    towfe125 |  -.0596759    2.08354    -0.03   0.977    -4.153861    4.034509
    towfe126 |   .5508646   2.067361     0.27   0.790    -3.511528    4.613257
    towfe127 |  (omitted)
    towfe128 |   1.511321   2.071358     0.73   0.466    -2.558925    5.581567
    towfe129 |   1.036646   2.102382     0.49   0.622    -3.094563    5.167855
    towfe130 |   1.242452   2.057955     0.60   0.546    -2.801457    5.286361
    towfe131 |   .6814128   2.074052     0.33   0.743    -3.394126    4.756952
    towfe132 |   1.462578   2.080981     0.70   0.483    -2.626577    5.551734
    towfe133 |   .4672021    2.06839     0.23   0.821    -3.597212    4.531616
    towfe134 |   1.435362   2.072167     0.69   0.489    -2.636475    5.507199
    towfe135 |  -7.651498   2.075787    -3.69   0.000    -11.73045   -3.572548
    towfe136 |  (omitted)
    towfe137 |   2.995151   2.068084     1.45   0.148    -1.068663    7.058964
    towfe138 |   2.909323   2.066075     1.41   0.160    -1.150543    6.969189
    towfe139 |    3.36311   2.075545     1.62   0.106    -.7153647    7.441584
    towfe140 |  (omitted)
    towfe141 |    1.74212   2.048848     0.85   0.396    -2.283893    5.768134
    towfe142 |  -1.097728   2.098215    -0.52   0.601    -5.220748    3.025293
    towfe143 |    1.58222   2.069174     0.76   0.445    -2.483735    5.648175
    towfe144 |   1.318993   2.083466     0.63   0.527    -2.775045    5.413031
    towfe145 |   3.332781    2.05721     1.62   0.106    -.7096631    7.375226
    towfe146 |  -.6584775   2.065138    -0.32   0.750    -4.716501    3.399546
    towfe147 |   .7364978   2.065152     0.36   0.722    -3.321554    4.794549
    towfe148 |   1.711972   2.071633     0.83   0.409    -2.358815    5.782759
    towfe149 |  (omitted)
    towfe150 |  (omitted)
    towfe151 |   .8778033   2.107786     0.42   0.677    -3.264025    5.019632
    towfe152 |   .2060518    2.07768     0.10   0.921    -3.876618    4.288722
    towfe153 |   2.784143    2.07446     1.34   0.180    -1.292198    6.860483
    towfe154 |  (omitted)
    towfe155 |  -.1158707   2.068754    -0.06   0.955    -4.180999    3.949258
    towfe156 |   -.071144   2.061321    -0.03   0.972    -4.121667    3.979379
    towfe157 |   .7870717   2.063506     0.38   0.703    -3.267745    4.841888
    towfe158 |   1.924694   2.057287     0.94   0.350    -2.117902     5.96729
    towfe159 |   .9439909   2.087352     0.45   0.651    -3.157684    5.045666
    towfe160 |   .4938086    2.07378     0.24   0.812    -3.581197    4.568814
    towfe161 |    1.07142   2.083469     0.51   0.607    -3.022625    5.165464
    towfe162 |   1.423587   2.088367     0.68   0.496    -2.680082    5.527256
    towfe163 |  (omitted)
    towfe164 |   .0304244   2.059235     0.01   0.988    -4.016001     4.07685
    towfe165 |   .9832822   2.053558     0.48   0.632    -3.051988    5.018552
    towfe166 |  -.6391471   2.072101    -0.31   0.758    -4.710853    3.432559
    towfe167 |  (omitted)
    towfe168 |   .5512074   2.091622     0.26   0.792    -3.558858    4.661273
    towfe169 |   2.219848   2.061608     1.08   0.282    -1.831239    6.270936
    towfe170 |   1.475074   2.061379     0.72   0.475    -2.575562    5.525711
    towfe171 |   .0144116   2.060616     0.01   0.994    -4.034727     4.06355
    towfe172 |   1.069983    2.06855     0.52   0.605    -2.994745     5.13471
    towfe173 |   2.578314   2.097061     1.23   0.220    -1.542439    6.699067
    towfe174 |   .9663494   2.064809     0.47   0.640    -3.091028    5.023727
    towfe175 |   1.453224   2.072606     0.70   0.484    -2.619475    5.525922
    towfe176 |   1.329083   2.046116     0.65   0.516    -2.691563    5.349728
    towfe177 |   .8610866   2.064719     0.42   0.677    -3.196115    4.918288
    towfe178 |   .3789024   2.059088     0.18   0.854    -3.667233    4.425038
    towfe179 |   1.275348   2.082368     0.61   0.541    -2.816533    5.367229
    towfe180 |    2.09168   2.072558     1.01   0.313    -1.980924    6.164283
    towfe181 |   2.259127    2.05444     1.10   0.272    -1.777876     6.29613
    towfe182 |   1.863267   2.070271     0.90   0.369    -2.204843    5.931377
    towfe183 |     1.6264   2.046796     0.79   0.427    -2.395582    5.648382
    towfe184 |   .9366905   2.063504     0.45   0.650    -3.118122    4.991503
    towfe185 |   1.048742   2.087045     0.50   0.616    -3.052329    5.149813
    towfe186 |   1.350006   2.063049     0.65   0.513    -2.703912    5.403924
    towfe187 |  (omitted)
    towfe188 |   3.363295   2.073463     1.62   0.105    -.7110868    7.437677
    towfe189 |  (omitted)
    towfe190 |   1.096399   2.067663     0.53   0.596    -2.966586    5.159385
    towfe191 |   1.645068   2.082741     0.79   0.430    -2.447546    5.737681
    towfe192 |   1.911961   2.066169     0.93   0.355    -2.148089    5.972012
    towfe193 |   1.125635    2.07714     0.54   0.588    -2.955973    5.207243
    towfe194 |   1.984139   2.075455     0.96   0.340    -2.094159    6.062437
    towfe195 |   1.343043   2.091372     0.64   0.521     -2.76653    5.452617
    towfe196 |    1.64177   2.078975     0.79   0.430    -2.443444    5.726984
    towfe197 |   2.056857   2.077552     0.99   0.323    -2.025561    6.139276
    towfe198 |   1.804702   2.091059     0.86   0.389    -2.304257    5.913661
    towfe199 |   1.111687    2.06855     0.54   0.591    -2.953042    5.176416
    towfe200 |    2.88507    2.09334     1.38   0.169    -1.228371    6.998511
    towfe201 |  (omitted)
    towfe202 |   1.873051   2.064047     0.91   0.365    -2.182829    5.928931
    towfe203 |   2.185287   2.075983     1.05   0.293    -1.894049    6.264622
    towfe204 |   1.859759   2.055757     0.90   0.366     -2.17983    5.899348
    towfe205 |   1.989349   2.049052     0.97   0.332    -2.037066    6.015764
    towfe206 |  -.3861085   2.067365    -0.19   0.852    -4.448509    3.676292
    towfe207 |   1.747976   2.080666     0.84   0.401     -2.34056    5.836513
    towfe208 |   2.223381   2.067493     1.08   0.283    -1.839271    6.286033
    towfe209 |   2.196043   2.067838     1.06   0.289    -1.867287    6.259373
    towfe210 |   2.051644   2.045914     1.00   0.316    -1.968605    6.071893
    towfe211 |  -.8064733   2.049386    -0.39   0.694    -4.833543    3.220597
    towfe212 |   1.306901   2.063566     0.63   0.527    -2.748035    5.361836
    towfe213 |   .5269123   2.069085     0.25   0.799    -3.538867    4.592691
    towfe214 |   2.044208   2.068045     0.99   0.323    -2.019528    6.107944
    towfe215 |  -1.222889   2.054768    -0.60   0.552    -5.260535    2.814757
    towfe216 |   3.084306   2.063729     1.49   0.136    -.9709488     7.13956
    towfe217 |  (omitted)
    towfe218 |   1.165247   2.063552     0.56   0.573    -2.889659    5.220154
    towfe219 |   1.499992    2.07696     0.72   0.471    -2.581263    5.581247
    towfe220 |   2.232501   2.069052     1.08   0.281    -1.833214    6.298217
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   3.700659   2.082904     1.78   0.076    -.3922761    7.793594
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |  -.3039868   2.081197    -0.15   0.884    -4.393567    3.785593
    towfe227 |  -.0035483   2.085478    -0.00   0.999    -4.101541    4.094444
    towfe228 |  (omitted)
    towfe229 |    1.29836   2.070628     0.63   0.531    -2.770453    5.367172
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -29.45713   2.778572   -10.60   0.000    -34.91706    -23.9972
             |
c_e~p_rtot98 |
         S2. |   .0006354   .0004169     1.52   0.128    -.0001838    .0014545
             |
c_exc_rtot98 |
         S2. |   .0005967   .0004314     1.38   0.167    -.0002509    .0014443
             |
c_utax4_r~98 |   .0151688   .0038996     3.89   0.000      .007506    .0228315
c_rrev_rt~98 |   1.018094   .0037915   268.52   0.000     1.010643    1.025544
       _cons |  -.3512698   1.524396    -0.23   0.818    -3.346729    2.644189
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  8,   123) =       .
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5891
                                                       Root MSE      =  536.58

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.7898201   .0920554    -8.58   0.000    -.9720382   -.6076021
             |
  c_exc_rtot |
         S2. |  -.1180256   .0745578    -1.58   0.116    -.2656082    .0295569
             |
c_utax4_rtot |   .4231224   .9490207     0.45   0.656    -1.455406    2.301651
 c_rrev_rtot |   .3743948   .7301353     0.51   0.609    -1.070863    1.819653
c_stn~0_rtot |   2.345454   1.616409     1.45   0.149     -.854128    5.545036
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   23.99229    100.804     0.24   0.812     -175.543    223.5275
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   68.48289   81.22414     0.84   0.401     -92.2953    229.2611
    yearfe10 |  (omitted)
    yearfe11 |   4.282688   201.2825     0.02   0.983    -394.1438    402.7091
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |  -80.69669   96.85622    -0.83   0.406    -272.4176    111.0242
      towfe2 |  -103.2032   88.24179    -1.17   0.244    -277.8724    71.46604
      towfe3 |  -90.65194   83.89222    -1.08   0.282    -256.7115    75.40757
      towfe4 |  (omitted)
      towfe5 |  -174.1779   100.6478    -1.73   0.086    -373.4041    25.04825
      towfe6 |  -129.6139   91.09791    -1.42   0.157    -309.9367    50.70879
      towfe7 |  -235.6452   86.45189    -2.73   0.007    -406.7714   -64.51898
      towfe8 |  -460.9613   108.5859    -4.25   0.000    -675.9005   -246.0222
      towfe9 |  -68.29468   83.07019    -0.82   0.413     -232.727    96.13767
     towfe10 |  -133.2919   96.11626    -1.39   0.168    -323.5482     56.9643
     towfe11 |   -213.449   92.89453    -2.30   0.023    -397.3281   -29.57002
     towfe12 |  (omitted)
     towfe13 |  -411.0658   76.59837    -5.37   0.000    -562.6876    -259.444
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |  -653.6084   92.92735    -7.03   0.000    -837.5524   -469.6645
     towfe17 |  (omitted)
     towfe18 |  -93.91595   88.59478    -1.06   0.291    -269.2839    81.45197
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   172.1683    89.0502     1.93   0.055    -4.101141    348.4377
     towfe23 |  (omitted)
     towfe24 |   -307.248   82.53653    -3.72   0.000     -470.624    -143.872
     towfe25 |  (omitted)
     towfe26 |   180.3545   87.57493     2.06   0.042     7.005259    353.7037
     towfe27 |  -594.8363   51.12866   -11.63   0.000    -696.0423   -493.6302
     towfe28 |  -193.4989   86.49964    -2.24   0.027    -364.7197   -22.27819
     towfe29 |  -213.8636    101.627    -2.10   0.037    -415.0281   -12.69909
     towfe30 |  -381.5756   86.15954    -4.43   0.000    -552.1232   -211.0281
     towfe31 |  -12.02193   90.65796    -0.13   0.895    -191.4738    167.4299
     towfe32 |   380.6607   124.2577     3.06   0.003     134.7002    626.6211
     towfe33 |  -415.3221   88.25196    -4.71   0.000    -590.0115   -240.6328
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |  -83.18096   88.35787    -0.94   0.348      -258.08    91.71804
     towfe37 |  -451.7294   85.74953    -5.27   0.000    -621.4653   -281.9935
     towfe38 |  -124.2983   99.63006    -1.25   0.215    -321.5099    72.91331
     towfe39 |  -262.7694   84.06503    -3.13   0.002     -429.171   -96.36783
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |  -223.5021   83.92276    -2.66   0.009    -389.6221   -57.38213
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |  -75.45721   85.46254    -0.88   0.379    -244.6251    93.71065
     towfe49 |  -163.5585   96.50842    -1.69   0.093     -354.591    27.47398
     towfe50 |  -354.8663   95.25502    -3.73   0.000    -543.4177   -166.3148
     towfe51 |  -577.3404   112.4066    -5.14   0.000    -799.8424   -354.8384
     towfe52 |  -218.8579   100.8072    -2.17   0.032    -418.3996   -19.31623
     towfe53 |  -386.5316   98.00468    -3.94   0.000    -580.5258   -192.5373
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |  -618.3958   102.3604    -6.04   0.000    -821.0119   -415.7797
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |   -129.081   120.0435    -1.08   0.284    -366.6997    108.5376
     towfe62 |  (omitted)
     towfe63 |  -370.6316   90.33129    -4.10   0.000    -549.4369   -191.8264
     towfe64 |  -251.8109   98.75919    -2.55   0.012    -447.2986    -56.3231
     towfe65 |  -440.1835   104.8936    -4.20   0.000    -647.8138   -232.5531
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  (omitted)
     towfe73 |  -257.2484   87.56931    -2.94   0.004    -430.5864   -83.91027
     towfe74 |  -57.69888   98.64696    -0.58   0.560    -252.9645    137.5667
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |  -227.3462   87.53604    -2.60   0.011    -400.6185     -54.074
     towfe78 |  (omitted)
     towfe79 |  -181.0381   82.79706    -2.19   0.031    -344.9298   -17.14634
     towfe80 |  -212.8031   89.30915    -2.38   0.019     -389.585   -36.02109
     towfe81 |  -322.5405   86.43089    -3.73   0.000    -493.6252   -151.4559
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |  -566.3472   93.08704    -6.08   0.000    -750.6073   -382.0871
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |  -417.1574   85.55792    -4.88   0.000     -586.514   -247.8007
     towfe90 |  (omitted)
     towfe91 |  -12.75549   96.67893    -0.13   0.895    -204.1255    178.6145
     towfe92 |  (omitted)
     towfe93 |  -166.0721   97.00724    -1.71   0.089     -358.092     25.9478
     towfe94 |  (omitted)
     towfe95 |   60.77372   108.6674     0.56   0.577    -154.3268    275.8742
     towfe96 |  -93.03992   126.8738    -0.73   0.465    -344.1787    158.0989
     towfe97 |  (omitted)
     towfe98 |   92.83272   95.64228     0.97   0.334     -96.4853    282.1508
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |  -357.6732    85.8725    -4.17   0.000    -527.6525   -187.6938
    towfe103 |    239.363   82.29692     2.91   0.004     76.46131    402.2647
    towfe104 |  (omitted)
    towfe105 |  -189.4209   86.88388    -2.18   0.031    -361.4023   -17.43963
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |  -7.209155   95.95354    -0.08   0.940    -197.1433     182.725
    towfe111 |  -326.8563   81.45509    -4.01   0.000    -488.0917    -165.621
    towfe112 |   -96.3172   97.22386    -0.99   0.324    -288.7659    96.13147
    towfe113 |   -416.204   87.96783    -4.73   0.000    -590.3309   -242.0771
    towfe114 |   456.0933   127.7925     3.57   0.001     203.1357    709.0508
    towfe115 |    -325.43   82.40646    -3.95   0.000    -488.5486   -162.3115
    towfe116 |  -23.95333   87.19801    -0.27   0.784    -196.5564    148.6498
    towfe117 |  -392.1409   85.70643    -4.58   0.000    -561.7915   -222.4903
    towfe118 |  -365.7054   83.24092    -4.39   0.000    -530.4757   -200.9351
    towfe119 |  -199.3263   85.33431    -2.34   0.021    -368.2403   -30.41225
    towfe120 |   64.16846   92.31326     0.70   0.488      -118.56    246.8969
    towfe121 |  -176.3718   84.49735    -2.09   0.039    -343.6291   -9.114444
    towfe122 |   72.34127   101.3171     0.71   0.477    -128.2097    272.8922
    towfe123 |  -276.6511   85.99714    -3.22   0.002    -446.8772    -106.425
    towfe124 |   109.8082   89.77579     1.22   0.224    -67.89748    287.5139
    towfe125 |  -13.16326   84.14904    -0.16   0.876    -179.7311    153.4046
    towfe126 |  -242.3517    83.9357    -2.89   0.005    -408.4972   -76.20609
    towfe127 |  (omitted)
    towfe128 |  -174.6918   83.67264    -2.09   0.039    -340.3166   -9.066895
    towfe129 |  -100.2659   92.32404    -1.09   0.280    -283.0157    82.48388
    towfe130 |  -398.0398   89.59575    -4.44   0.000    -575.3891   -220.6905
    towfe131 |  -288.1757   84.13413    -3.43   0.001    -454.7141   -121.6374
    towfe132 |   26.61066   88.38657     0.30   0.764    -148.3451    201.5665
    towfe133 |   -433.094   82.09222    -5.28   0.000    -595.5905   -270.5975
    towfe134 |  -231.8039   86.39495    -2.68   0.008    -402.8174   -60.79039
    towfe135 |  -37.99287   104.9774    -0.36   0.718    -245.7892    169.8035
    towfe136 |  (omitted)
    towfe137 |   -386.309   82.01518    -4.71   0.000     -548.653    -223.965
    towfe138 |  -198.4869   92.38586    -2.15   0.034     -381.359   -15.61472
    towfe139 |  -8.492444   85.14277    -0.10   0.921    -177.0273    160.0425
    towfe140 |  (omitted)
    towfe141 |  -249.8849   92.69935    -2.70   0.008    -433.3776   -66.39218
    towfe142 |  -266.4345   88.98023    -2.99   0.003    -442.5654   -90.30357
    towfe143 |   19.15651   84.79186     0.23   0.822    -148.6838    186.9968
    towfe144 |   103.0306   113.0451     0.91   0.364    -120.7354    326.7965
    towfe145 |  -531.5203   87.89088    -6.05   0.000    -705.4949   -357.5457
    towfe146 |   105.9721   89.68181     1.18   0.240    -71.54754    283.4918
    towfe147 |   105.2552   89.02931     1.18   0.239    -70.97289    281.4832
    towfe148 |  -280.9116   85.26083    -3.29   0.001    -449.6802    -112.143
    towfe149 |  (omitted)
    towfe150 |   -158.054   178.1515    -0.89   0.377    -510.6939    194.5859
    towfe151 |   42.52644   94.26692     0.45   0.653    -144.0691     229.122
    towfe152 |  -224.7652   88.16001    -2.55   0.012    -399.2725   -50.25785
    towfe153 |  -156.2282   92.55516    -1.69   0.094    -339.4355    26.97907
    towfe154 |  (omitted)
    towfe155 |  -163.5965   91.03986    -1.80   0.075    -343.8044    16.61128
    towfe156 |  -208.5046   86.81662    -2.40   0.018    -380.3527   -36.65638
    towfe157 |   95.03437    84.4212     1.13   0.262    -72.07222     262.141
    towfe158 |   123.0726   92.51924     1.33   0.186    -60.06355    306.2088
    towfe159 |   205.9775   65.81008     3.13   0.002     75.71049    336.2445
    towfe160 |  -142.5115   83.09511    -1.72   0.089    -306.9932    21.97015
    towfe161 |  -48.23293   82.79115    -0.58   0.561    -212.1129    115.6471
    towfe162 |  -161.4508   83.93654    -1.92   0.057     -327.598    4.696473
    towfe163 |  (omitted)
    towfe164 |  -633.8278   92.94249    -6.82   0.000    -817.8017   -449.8538
    towfe165 |  -355.2366    87.7536    -4.05   0.000    -528.9394   -181.5337
    towfe166 |  -213.7743   88.55447    -2.41   0.017    -389.0624   -38.48614
    towfe167 |  (omitted)
    towfe168 |   57.77728   96.79488     0.60   0.552    -133.8223    249.3768
    towfe169 |  -335.1932   88.24314    -3.80   0.000    -509.8651   -160.5213
    towfe170 |   282.3545   98.33269     2.87   0.005     87.71099    476.9981
    towfe171 |  -423.3655   89.61416    -4.72   0.000    -600.7512   -245.9798
    towfe172 |   203.8763   107.7995     1.89   0.061    -9.506248    417.2588
    towfe173 |   556.6529   108.5183     5.13   0.000     341.8476    771.4582
    towfe174 |  -29.86629    84.9457    -0.35   0.726    -198.0111    138.2785
    towfe175 |  -106.6945   85.39432    -1.25   0.214    -275.7273    62.33832
    towfe176 |   234.9909   101.7418     2.31   0.023     33.59929    436.3826
    towfe177 |  -307.0075   85.48856    -3.59   0.000    -476.2269   -137.7882
    towfe178 |   256.6265   87.05257     2.95   0.004     84.31132    428.9418
    towfe179 |  -97.56452   96.72339    -1.01   0.315    -289.0225     93.8935
    towfe180 |   38.66109    104.494     0.37   0.712    -168.1783    245.5005
    towfe181 |   65.25786   92.69686     0.70   0.483    -118.2299    248.7456
    towfe182 |   5.547071   101.6505     0.05   0.957    -195.6638    206.7579
    towfe183 |   125.6878   105.2912     1.19   0.235     -82.7298    334.1053
    towfe184 |  -82.98939   91.06059    -0.91   0.364    -263.2383    97.25946
    towfe185 |  -149.5752   86.85686    -1.72   0.088     -321.503    22.35265
    towfe186 |   532.4326   82.75166     6.43   0.000     368.6308    696.2344
    towfe187 |  (omitted)
    towfe188 |   999.0442   127.7749     7.82   0.000     746.1216    1251.967
    towfe189 |  (omitted)
    towfe190 |    3.52406   85.98639     0.04   0.967    -166.6807    173.7289
    towfe191 |   279.9631    87.3971     3.20   0.002     106.9659    452.9603
    towfe192 |   309.8927   93.91553     3.30   0.001     123.9927    495.7927
    towfe193 |  -195.8557   88.18839    -2.22   0.028    -370.4192    -21.2922
    towfe194 |  -.9277405   84.45749    -0.01   0.991    -168.1062    166.2507
    towfe195 |   24.22303    92.7134     0.26   0.794    -159.2974    207.7435
    towfe196 |  -241.7171   111.1968    -2.17   0.032    -461.8243   -21.60999
    towfe197 |  -47.17056   83.87217    -0.56   0.575    -213.1904    118.8493
    towfe198 |   404.4451   53.55539     7.55   0.000     298.4355    510.4547
    towfe199 |  -177.4165   97.45307    -1.82   0.071    -370.3189    15.48585
    towfe200 |   250.8143   93.08126     2.69   0.008     66.56562    435.0629
    towfe201 |  (omitted)
    towfe202 |   165.7561   97.88533     1.69   0.093    -28.00193    359.5141
    towfe203 |    21.9872   92.66905     0.24   0.813    -161.4455    205.4199
    towfe204 |  -121.9253   88.29182    -1.38   0.170    -296.6936    52.84289
    towfe205 |  -178.4127   93.02561    -1.92   0.057    -362.5512    5.725829
    towfe206 |   152.1643   100.4524     1.51   0.132    -46.67518    351.0037
    towfe207 |  -150.9344   88.42037    -1.71   0.090    -325.9571    24.08827
    towfe208 |  -5.539463   84.81096    -0.07   0.948    -173.4176    162.3386
    towfe209 |  -27.86466    83.7708    -0.33   0.740    -193.6838    137.9545
    towfe210 |  -240.4033   89.79492    -2.68   0.008    -418.1469    -62.6598
    towfe211 |  -262.3926    90.3169    -2.91   0.004    -441.1693   -83.61579
    towfe212 |  -485.5866   82.91178    -5.86   0.000    -649.7054   -321.4678
    towfe213 |  -147.1833   81.45965    -1.81   0.073    -308.4277    14.06108
    towfe214 |  -343.7157   92.81151    -3.70   0.000    -527.4304    -160.001
    towfe215 |  -226.5394   92.10408    -2.46   0.015    -408.8538   -44.22503
    towfe216 |  -69.53067   89.96768    -0.77   0.441    -247.6162    108.5548
    towfe217 |  (omitted)
    towfe218 |  -248.2037    83.8918    -2.96   0.004    -414.2624   -82.14505
    towfe219 |  -326.1721   98.71458    -3.30   0.001    -521.5716   -130.7726
    towfe220 |   161.3506   84.89593     1.90   0.060    -6.695688    329.3969
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   489.4771   90.62968     5.40   0.000     310.0812     668.873
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |  -1006.849   147.7014    -6.82   0.000    -1299.215   -714.4828
    towfe227 |  -91.79079   85.76522    -1.07   0.287    -261.5578    77.97622
    towfe228 |  (omitted)
    towfe229 |   263.9946   84.70125     3.12   0.002     96.33364    431.6555
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -5645.191   599.6494    -9.41   0.000     -6832.16   -4458.221
             |
       _cons |   417.8458   101.5418     4.12   0.000       216.85    618.8415
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 towfe1 towfe2 towfe3 towfe4 towfe5
               towfe6 towfe7 towfe8 towfe9 towfe10 towfe11 towfe12 towfe13
               towfe14 towfe15 towfe16 towfe17 towfe18 towfe19 towfe20
               towfe21 towfe22 towfe23 towfe24 towfe25 towfe26 towfe27
               towfe28 towfe29 towfe30 towfe31 towfe32 towfe33 towfe34
               towfe35 towfe36 towfe37 towfe38 towfe39 towfe40 towfe41
               towfe42 towfe43 towfe44 towfe45 towfe46 towfe47 towfe48
               towfe49 towfe50 towfe51 towfe52 towfe53 towfe54 towfe55
               towfe56 towfe57 towfe58 towfe59 towfe60 towfe61 towfe62
               towfe63 towfe64 towfe65 towfe66 towfe67 towfe68 towfe69
               towfe70 towfe71 towfe72 towfe73 towfe74 towfe75 towfe76
               towfe77 towfe78 towfe79 towfe80 towfe81 towfe82 towfe83
               towfe84 towfe85 towfe86 towfe87 towfe88 towfe89 towfe90
               towfe91 towfe92 towfe93 towfe94 towfe95 towfe96 towfe97
               towfe98 towfe99 towfe100 towfe101 towfe102 towfe103 towfe104
               towfe105 towfe106 towfe107 towfe108 towfe109 towfe110
               towfe111 towfe112 towfe113 towfe114 towfe115 towfe116
               towfe117 towfe118 towfe119 towfe120 towfe121 towfe122
               towfe123 towfe124 towfe125 towfe126 towfe127 towfe128
               towfe129 towfe130 towfe131 towfe132 towfe133 towfe134
               towfe135 towfe136 towfe137 towfe138 towfe139 towfe140
               towfe141 towfe142 towfe143 towfe144 towfe145 towfe146
               towfe147 towfe148 towfe149 towfe150 towfe151 towfe152
               towfe153 towfe154 towfe155 towfe156 towfe157 towfe158
               towfe159 towfe160 towfe161 towfe162 towfe163 towfe164
               towfe165 towfe166 towfe167 towfe168 towfe169 towfe170
               towfe171 towfe172 towfe173 towfe174 towfe175 towfe176
               towfe177 towfe178 towfe179 towfe180 towfe181 towfe182
               towfe183 towfe184 towfe185 towfe186 towfe187 towfe188
               towfe189 towfe190 towfe191 towfe192 towfe193 towfe194
               towfe195 towfe196 towfe197 towfe198 towfe199 towfe200
               towfe201 towfe202 towfe203 towfe204 towfe205 towfe206
               towfe207 towfe208 towfe209 towfe210 towfe211 towfe212
               towfe213 towfe214 towfe215 towfe216 towfe217 towfe218
               towfe219 towfe220 towfe221 towfe222 towfe223 towfe224
               towfe225 towfe226 towfe227 towfe228 towfe229 towfe230
               towfe231 towfe232 towfe233 towfe234 towfe235 towfe236
               towfe237 towfe238 towfe239 towfe240 towfe241 towfe242
               towfe243 S2.lnadm_rtot S2.c_edg_snp_rtot98 S2.c_exc_rtot98
               c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (3) covariates;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild100_rtot `covar' s2.lnadm_rtot
>                              if admr_200 & balance & year == 100, cluster(d_nhid) first;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F( 16,   143) =  133.08
       Model |    96314471    16  6019654.44           Prob > F      =  0.0000
    Residual |  6468412.61   143  45233.6546           R-squared     =  0.9371
-------------+------------------------------           Adj R-squared =  0.9300
       Total |   102782884   159   646433.23           Root MSE      =  212.68

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   1.099589   .3714861     2.96   0.004     .3652753    1.833903
 sf3_pnwhite |  -1573.633   1734.179    -0.91   0.366    -5001.572    1854.305
   sf3_unemp |  -510.9435   884.2025    -0.58   0.564     -2258.74    1236.853
    sf3_ppov |   898.4366   823.7255     1.09   0.277     -729.815    2526.688
     sf3_phs |   70.66062   716.7151     0.10   0.922    -1346.064    1487.386
    sf3_pcol |   304.0406   540.1675     0.56   0.574    -763.7043    1371.786
    sf3_sr95 |   494.2376   353.7875     1.40   0.165    -205.0914    1193.567
      rtot98 |   .0457617   .0275668     1.66   0.099    -.0087294    .1002529
     rtot982 |  -2.61e-06   2.09e-06    -1.25   0.213    -6.75e-06    1.52e-06
     sf3_hai |  -.0020868   .0046035    -0.45   0.651    -.0111864    .0070128
     sf3_hmi |  -.0021909   .0053697    -0.41   0.684    -.0128052    .0084234
             |
  lnadm_rtot |
         S2. |   255.7814   358.0681     0.71   0.476     -452.009    963.5718
             |
c_e~p_rtot98 |
         S2. |   1.024023   .0335754    30.50   0.000     .9576545    1.090391
             |
c_exc_rtot98 |
         S2. |  -.0578377   .0296798    -1.95   0.053    -.1165055      .00083
             |
c_utax4_r~98 |   .2409559   .2654984     0.91   0.366    -.2838527    .7657646
c_rrev_rt~98 |  -.2034793   .2705176    -0.75   0.453    -.7382093    .3312507
       _cons |  -282.2004   640.0612    -0.44   0.660    -1547.404    983.0035
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F( 16,   143) =23617.74
       Model |  73984059.8    16  4624003.74           Prob > F      =  0.0000
    Residual |   27997.279   143  195.785168           R-squared     =  0.9996
-------------+------------------------------           Adj R-squared =  0.9996
       Total |  74012057.1   159  465484.636           Root MSE      =  13.992

------------------------------------------------------------------------------
S2.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   .0382999     .02444     1.57   0.119    -.0100105    .0866103
 sf3_pnwhite |   74.12132   114.0914     0.65   0.517    -151.4023     299.645
   sf3_unemp |   143.5245   58.17157     2.47   0.015     28.53725    258.5118
    sf3_ppov |   -47.0292   54.19279    -0.87   0.387    -154.1517    60.09327
     sf3_phs |   37.39379    47.1526     0.79   0.429    -55.81238       130.6
    sf3_pcol |   .6363144   35.53755     0.02   0.986    -69.61049    70.88312
    sf3_sr95 |  -3.354732   23.27564    -0.14   0.886     -49.3635    42.65404
      rtot98 |   .0002386   .0018136     0.13   0.896    -.0033464    .0038236
     rtot982 |  -3.09e-08   1.38e-07    -0.22   0.823    -3.03e-07    2.41e-07
     sf3_hai |   .0006702   .0003029     2.21   0.028     .0000715    .0012688
     sf3_hmi |  -.0005458   .0003533    -1.54   0.125    -.0012441    .0001526
             |
  lnadm_rtot |
         S2. |  -35.87369   23.55725    -1.52   0.130    -82.43913    10.69175
             |
c_e~p_rtot98 |
         S2. |   .0030929   .0022089     1.40   0.164    -.0012734    .0074593
             |
c_exc_rtot98 |
         S2. |   .9890267   .0019526   506.51   0.000      .985167    .9928865
             |
c_utax4_r~98 |  -.0029921   .0174671    -0.17   0.864    -.0375192     .031535
c_rrev_rt~98 |   .0277349   .0177973     1.56   0.121    -.0074449    .0629148
       _cons |  -47.45027   42.10954    -1.13   0.262    -130.6879    35.78733
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F( 16,   143) = 3724.01
       Model |  828608.388    16  51788.0242           Prob > F      =  0.0000
    Residual |  1988.63296   143  13.9065242           R-squared     =  0.9976
-------------+------------------------------           Adj R-squared =  0.9973
       Total |  830597.021   159  5223.88063           Root MSE      =  3.7291

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.0247238   .0065136    -3.80   0.000    -.0375991   -.0118484
 sf3_pnwhite |    59.7074   30.40692     1.96   0.052    -.3977297    119.8125
   sf3_unemp |  -4.054908   15.50352    -0.26   0.794    -34.70059    26.59077
    sf3_ppov |  -4.752788   14.44312    -0.33   0.743    -33.30239    23.79681
     sf3_phs |  -15.60085   12.56681    -1.24   0.216    -40.44156    9.239864
    sf3_pcol |  -14.70057   9.471242    -1.55   0.123     -33.4223    4.021164
    sf3_sr95 |   1.387813   6.203274     0.22   0.823    -10.87415    13.64978
      rtot98 |   .0000145   .0004834     0.03   0.976    -.0009409      .00097
     rtot982 |  -2.92e-08   3.67e-08    -0.80   0.427    -1.02e-07    4.33e-08
     sf3_hai |   .0000662   .0000807     0.82   0.413    -.0000933    .0002258
     sf3_hmi |  -.0001008   .0000942    -1.07   0.286    -.0002869    .0000854
             |
  lnadm_rtot |
         S2. |  -52.36799   6.278329    -8.34   0.000    -64.77831   -39.95766
             |
c_e~p_rtot98 |
         S2. |   .0002327   .0005887     0.40   0.693     -.000931    .0013964
             |
c_exc_rtot98 |
         S2. |   .0001788   .0005204     0.34   0.732    -.0008499    .0012075
             |
c_utax4_r~98 |   .9989706   .0046552   214.59   0.000     .9897687    1.008173
c_rrev_rt~98 |    .009219   .0047432     1.94   0.054    -.0001569    .0185949
       _cons |   13.09832   11.22277     1.17   0.245    -9.085635    35.28227
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F( 16,   143) = 4335.27
       Model |  896695.979    16  56043.4987           Prob > F      =  0.0000
    Residual |   1848.6085   143  12.9273322           R-squared     =  0.9979
-------------+------------------------------           Adj R-squared =  0.9977
       Total |  898544.587   159  5651.22382           Root MSE      =  3.5955

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   .0021571   .0062801     0.34   0.732    -.0102568    .0145709
 sf3_pnwhite |  -21.01639   29.31687    -0.72   0.475    -78.96682    36.93404
   sf3_unemp |   5.372693   14.94773     0.36   0.720    -24.17437    34.91976
    sf3_ppov |  -6.737088   13.92535    -0.48   0.629    -34.26322    20.78904
     sf3_phs |   4.311815    12.1163     0.36   0.722    -19.63839    28.26202
    sf3_pcol |  -5.998499    9.13171    -0.66   0.512    -24.04908    12.05208
    sf3_sr95 |   -4.67378   5.980894    -0.78   0.436    -16.49617    7.148607
      rtot98 |  -.0005698    .000466    -1.22   0.224    -.0014909    .0003514
     rtot982 |   4.17e-08   3.53e-08     1.18   0.240    -2.82e-08    1.12e-07
     sf3_hai |   .0000121   .0000778     0.15   0.877    -.0001418    .0001659
     sf3_hmi |   .0000911   .0000908     1.00   0.317    -.0000884    .0002705
             |
  lnadm_rtot |
         S2. |   -99.8226   6.053259   -16.49   0.000     -111.788   -87.85717
             |
c_e~p_rtot98 |
         S2. |  -.0004941   .0005676    -0.87   0.385    -.0016161    .0006279
             |
c_exc_rtot98 |
         S2. |  -.0000535   .0005017    -0.11   0.915    -.0010453    .0009383
             |
c_utax4_r~98 |   .0134754   .0044883     3.00   0.003     .0046034    .0223475
c_rrev_rt~98 |    1.00813   .0045732   220.44   0.000     .9990899     1.01717
       _cons |  -2.251537   10.82044    -0.21   0.835    -23.64022    19.13715
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     160
                                                       F( 16,   123) =   18.39
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5986
                                                       Root MSE      =  562.23

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |   -.805424   .0935307    -8.61   0.000    -.9905623   -.6202857
             |
  c_exc_rtot |
         S2. |  -.0529804   .0747874    -0.71   0.480    -.2010175    .0950567
             |
c_utax4_rtot |   .8771857   .6905711     1.27   0.206    -.4897574    2.244129
 c_rrev_rtot |  -.3129497   .6573711    -0.48   0.635    -1.614176    .9882762
c_stn~0_rtot |   1.560005   1.245312     1.25   0.213    -.9050141    4.025025
 sf3_pnwhite |   4504.919   3623.118     1.24   0.216     -2666.82    11676.66
   sf3_unemp |  -2064.113   1578.474    -1.31   0.193    -5188.606     1060.38
    sf3_ppov |   4302.014   2009.756     2.14   0.034     323.8248    8280.202
     sf3_phs |  -1385.558   2110.584    -0.66   0.513     -5563.33    2792.215
    sf3_pcol |  -2305.784   1393.044    -1.66   0.100     -5063.23    451.6616
    sf3_sr95 |  -2137.697   921.7761    -2.32   0.022    -3962.296   -313.0979
      rtot98 |   -.123689   .0645854    -1.92   0.058    -.2515319    .0041539
     rtot982 |   5.36e-06   4.70e-06     1.14   0.256    -3.94e-06    .0000147
     sf3_hai |   .0086864   .0110498     0.79   0.433    -.0131859    .0305587
     sf3_hmi |   .0152299   .0139197     1.09   0.276    -.0123234    .0427831
             |
  lnadm_rtot |
         S2. |  -5654.662   919.3924    -6.15   0.000    -7474.543   -3834.781
             |
       _cons |   1637.443    1644.09     1.00   0.321    -1616.932    4891.818
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot sf3_pnwhite sf3_unemp sf3_ppov sf3_phs
               sf3_pcol sf3_sr95 rtot98 rtot982 sf3_hai sf3_hmi
               S2.lnadm_rtot S2.c_edg_snp_rtot98 S2.c_exc_rtot98
               c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (4) seperate year intercepts by quartile of per-pupil property wealth;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild100_rtot *b*yearfe* s2.lnadm_rtot  
>                              if admr_200 & balance, cluster(d_nhid) first;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F( 21,   618) =  202.83
       Model |   355294943    21  16918806.8           Prob > F      =  0.0000
    Residual |  51549282.2   618   83413.078           R-squared     =  0.8733
-------------+------------------------------           Adj R-squared =  0.8690
       Total |   406844226   639  636688.929           Root MSE      =  288.81

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   1.169949   .4869462     2.40   0.017     .2136791    2.126219
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  -153.3338    64.6008    -2.37   0.018    -280.1975   -26.47006
  b1_yearfe6 |  (omitted)
  b1_yearfe7 |  -195.9129   64.61109    -3.03   0.003    -322.7968   -69.02902
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |   60.70341   64.70156     0.94   0.349    -66.35816     187.765
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  -231.9438   136.8705    -1.69   0.091    -500.7315    36.84388
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |  -178.7902   65.46017    -2.73   0.006    -307.3415   -50.23884
  b2_yearfe6 |  (omitted)
  b2_yearfe7 |  -148.5702   65.42787    -2.27   0.024    -277.0581   -20.08228
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |  (omitted)
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  -276.0886   135.3339    -2.04   0.042    -541.8586   -10.31861
 b2_yearfe12 |  (omitted)
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  -202.3287   64.99691    -3.11   0.002    -329.9703   -74.68712
  b3_yearfe6 |  (omitted)
  b3_yearfe7 |  -160.1858   65.01911    -2.46   0.014     -287.871   -32.50059
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |    15.1947   64.99663     0.23   0.815    -112.4463    142.8357
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  -285.4161   122.7188    -2.33   0.020    -526.4125   -44.41975
 b3_yearfe12 |  (omitted)
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |  -103.1921   65.18638    -1.58   0.114    -231.2058    24.82151
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |  -142.3854   65.04833    -2.19   0.029     -270.128   -14.64288
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |  -71.96095   65.02211    -1.11   0.269     -199.652    55.73011
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |  -243.7012   85.89255    -2.84   0.005    -412.3778   -75.02453
 b4_yearfe12 |  (omitted)
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -121.5527   216.5764    -0.56   0.575    -546.8676    303.7623
             |
c_e~p_rtot98 |
         S2. |   1.043617   .0592021    17.63   0.000      .927355    1.159878
             |
c_exc_rtot98 |
         S2. |  -.0589913   .0384063    -1.54   0.125    -.1344139    .0164313
             |
c_utax4_r~98 |   .3182723   .3464274     0.92   0.359    -.3620454    .9985899
c_rrev_rt~98 |  -.0712999   .3399457    -0.21   0.834    -.7388887     .596289
       _cons |   149.4408   47.00252     3.18   0.002     57.13678    241.7448
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F( 21,   618) =72875.16
       Model |  76856557.9    21  3659836.09           Prob > F      =  0.0000
    Residual |  31036.3473   618  50.2206267           R-squared     =  0.9996
-------------+------------------------------           Adj R-squared =  0.9996
       Total |  76887594.3   639  120324.874           Root MSE      =  7.0867

------------------------------------------------------------------------------
S2.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   .0233511   .0119483     1.95   0.051     -.000113    .0468152
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  -.0011316   1.585119    -0.00   0.999    -3.114004    3.111741
  b1_yearfe6 |  (omitted)
  b1_yearfe7 |   .0310785   1.585371     0.02   0.984     -3.08229    3.144447
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |  -.0972591   1.587591    -0.06   0.951    -3.214987    3.020469
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  -7.840315   3.358412    -2.33   0.020     -14.4356   -1.245032
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |   .0734967   1.606206     0.05   0.964    -3.080786    3.227779
  b2_yearfe6 |  (omitted)
  b2_yearfe7 |    .048296   1.605413     0.03   0.976     -3.10443    3.201022
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |  (omitted)
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  -7.222871   3.320706    -2.18   0.030    -13.74411   -.7016346
 b2_yearfe12 |  (omitted)
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  -.0185536   1.594838    -0.01   0.991    -3.150513    3.113406
  b3_yearfe6 |  (omitted)
  b3_yearfe7 |   .0493965   1.595383     0.03   0.975    -3.083633    3.182426
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |  -.0178245   1.594832    -0.01   0.991    -3.149771    3.114122
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  -6.479432   3.011168    -2.15   0.032    -12.39279   -.5660693
 b3_yearfe12 |  (omitted)
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |   .1350966   1.599487     0.08   0.933    -3.005993    3.276186
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |    .072105     1.5961     0.05   0.964    -3.062333    3.206543
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |  -.0521792   1.595457    -0.03   0.974    -3.185353    3.080995
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |  -6.799267   2.107558    -3.23   0.001    -10.93811   -2.660424
 b4_yearfe12 |  (omitted)
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -5.835409   5.314167    -1.10   0.273    -16.27142    4.600604
             |
c_e~p_rtot98 |
         S2. |    .002061   .0014527     1.42   0.156    -.0007918    .0049137
             |
c_exc_rtot98 |
         S2. |   .9896666   .0009424  1050.18   0.000     .9878159    .9915172
             |
c_utax4_r~98 |  -.0077587   .0085003    -0.91   0.362    -.0244517    .0089344
c_rrev_rt~98 |   .0249865   .0083413     3.00   0.003     .0086058    .0413672
       _cons |   .2261367   1.153308     0.20   0.845     -2.03874    2.491014
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F( 21,   618) =12012.62
       Model |  1284301.07    21  61157.1937           Prob > F      =  0.0000
    Residual |  3146.28778   618  5.09108056           R-squared     =  0.9976
-------------+------------------------------           Adj R-squared =  0.9975
       Total |  1287447.36   639  2014.78459           Root MSE      =  2.2563

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.0244639   .0038042    -6.43   0.000    -.0319348   -.0169931
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  -.0030053   .5046913    -0.01   0.995    -.9941232    .9881126
  b1_yearfe6 |  (omitted)
  b1_yearfe7 |   .0825386   .5047717     0.16   0.870    -.9087371    1.073814
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |  -.2583011   .5054785    -0.51   0.610    -1.250965    .7343626
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  -2.794764   1.069296    -2.61   0.009    -4.894658   -.6948702
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |   .1951928   .5114051     0.38   0.703    -.8091097    1.199495
  b2_yearfe6 |  (omitted)
  b2_yearfe7 |   .1282647   .5111528     0.25   0.802    -.8755422    1.132072
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |  (omitted)
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  -2.787429   1.057291    -2.64   0.009    -4.863747   -.7111111
 b2_yearfe12 |  (omitted)
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  -.0492746   .5077859    -0.10   0.923     -1.04647    .9479203
  b3_yearfe6 |  (omitted)
  b3_yearfe7 |   .1311875   .5079593     0.26   0.796    -.8663481    1.128723
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |  -.0473385   .5077837    -0.09   0.926    -1.044529    .9498522
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  -5.145789   .9587358    -5.37   0.000    -7.028564   -3.263014
 b3_yearfe12 |  (omitted)
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |   .3587902   .5092661     0.70   0.481    -.6413117    1.358892
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |   .1914969   .5081876     0.38   0.706     -.806487    1.189481
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |  -.1385777   .5079827    -0.27   0.785    -1.136159    .8590039
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |  -2.202143   .6710323    -3.28   0.001    -3.519923   -.8843628
 b4_yearfe12 |  (omitted)
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -15.49771   1.691995    -9.16   0.000    -18.82047   -12.17495
             |
c_e~p_rtot98 |
         S2. |    .001003   .0004625     2.17   0.030     .0000947    .0019113
             |
c_exc_rtot98 |
         S2. |   .0002434      .0003     0.81   0.418    -.0003459    .0008326
             |
c_utax4_r~98 |   1.003971   .0027065   370.95   0.000     .9986563    1.009286
c_rrev_rt~98 |   .0168291   .0026558     6.34   0.000     .0116136    .0220447
       _cons |   .6005752   .3672054     1.64   0.102    -.1205465    1.321697
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     640
-------------+------------------------------           F( 21,   618) =12063.25
       Model |  2030022.84    21  96667.7543           Prob > F      =  0.0000
    Residual |  4952.28552   618  8.01340698           R-squared     =  0.9976
-------------+------------------------------           Adj R-squared =  0.9975
       Total |  2034975.13   639  3184.62461           Root MSE      =  2.8308

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   -.003864   .0047728    -0.81   0.418    -.0132368    .0055089
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  -.0048141   .6331833    -0.01   0.994    -1.248266    1.238638
  b1_yearfe6 |  (omitted)
  b1_yearfe7 |   .1322157   .6332841     0.21   0.835    -1.111434    1.375865
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |  -.4137638   .6341709    -0.65   0.514    -1.659155    .8316273
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  -1.076743   1.341533    -0.80   0.423     -3.71126    1.557773
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |   .3126728   .6416064     0.49   0.626    -.9473203    1.572666
  b2_yearfe6 |  (omitted)
  b2_yearfe7 |   .2054629   .6412898     0.32   0.749    -1.053908    1.464834
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |  (omitted)
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  -2.119024   1.326472    -1.60   0.111    -4.723963    .4859142
 b2_yearfe12 |  (omitted)
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  -.0789314   .6370657    -0.12   0.901    -1.330007    1.172145
  b3_yearfe6 |  (omitted)
  b3_yearfe7 |   .2101448   .6372833     0.33   0.742    -1.041359    1.461648
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |  -.0758299   .6370629    -0.12   0.905      -1.3269    1.175241
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  -3.021178   1.202825    -2.51   0.012    -5.383299    -.659058
 b3_yearfe12 |  (omitted)
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |   .5747339   .6389228     0.90   0.369    -.6799891    1.829457
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |   .3067524   .6375697     0.48   0.631    -.9453135    1.558818
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |  -.2219829   .6373127    -0.35   0.728    -1.473544    1.029578
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |   -3.94404   .8418739    -4.68   0.000    -5.597321    -2.29076
 b4_yearfe12 |  (omitted)
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -24.82526   2.122769   -11.69   0.000    -28.99397   -20.65654
             |
c_e~p_rtot98 |
         S2. |  -.0005962   .0005803    -1.03   0.305    -.0017358    .0005433
             |
c_exc_rtot98 |
         S2. |   .0003853   .0003764     1.02   0.306     -.000354    .0011245
             |
c_utax4_r~98 |   .0157022   .0033955     4.62   0.000     .0090341    .0223703
c_rrev_rt~98 |   1.012511    .003332   303.88   0.000     1.005968    1.019055
       _cons |    .962041   .4606942     2.09   0.037     .0573252    1.866757
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F( 21,   123) =   40.92
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4936
                                                       Root MSE      =  520.02

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.7885918   .1251142    -6.30   0.000    -1.036248   -.5409359
             |
  c_exc_rtot |
         S2. |  -.1088322   .0710327    -1.53   0.128    -.2494371    .0317727
             |
c_utax4_rtot |   .7458482   .7282204     1.02   0.308    -.6956195    2.187316
 c_rrev_rtot |    -.12746   .5437069    -0.23   0.815    -1.203694    .9487743
c_stn~0_rtot |   1.499219   1.148732     1.31   0.194    -.7746242    3.773063
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  -170.8921    129.341    -1.32   0.189    -426.9147    85.13047
  b1_yearfe6 |  (omitted)
  b1_yearfe7 |  -260.2302    189.455    -1.37   0.172    -635.2448    114.7843
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |   2.786073   111.6717     0.02   0.980    -218.2613    223.8334
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |   142.3726   295.6889     0.48   0.631    -442.9255    727.6707
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |   22.25768   111.9006     0.20   0.843    -199.2427     243.758
  b2_yearfe6 |  (omitted)
  b2_yearfe7 |    49.3336   116.0229     0.43   0.671    -180.3265    278.9937
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |   23.20372   107.0534     0.22   0.829    -188.7019    235.1094
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  -73.00739   292.4001    -0.25   0.803    -651.7954    505.7806
 b2_yearfe12 |  (omitted)
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  (omitted)
  b3_yearfe6 |  (omitted)
  b3_yearfe7 |  -71.31015   119.0989    -0.60   0.550    -307.0591    164.4387
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |     75.514   115.8345     0.65   0.516    -153.7734    304.8014
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |   37.73212   275.8658     0.14   0.891    -508.3273    583.7915
 b3_yearfe12 |  (omitted)
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |   65.80823   106.8938     0.62   0.539    -145.7815     277.398
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |    102.569   110.5179     0.93   0.355    -116.1944    321.3323
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |   88.77619   113.9039     0.78   0.437    -136.6897     314.242
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |     173.73   178.1068     0.98   0.331    -178.8214    526.2814
 b4_yearfe12 |  (omitted)
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -4005.156   554.0938    -7.23   0.000    -5101.951   -2908.362
             |
       _cons |   266.6925   93.92376     2.84   0.005     80.77623    452.6089
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot b1_yearfe1 b1_yearfe2 b1_yearfe3
               b1_yearfe4 b1_yearfe5 b1_yearfe6 b1_yearfe7 b1_yearfe8
               b1_yearfe9 b1_yearfe10 b1_yearfe11 b1_yearfe12 b1_yearfe13
               b1_yearfe14 b1_yearfe15 b2_yearfe1 b2_yearfe2 b2_yearfe3
               b2_yearfe4 b2_yearfe5 b2_yearfe6 b2_yearfe7 b2_yearfe8
               b2_yearfe9 b2_yearfe10 b2_yearfe11 b2_yearfe12 b2_yearfe13
               b2_yearfe14 b2_yearfe15 b3_yearfe1 b3_yearfe2 b3_yearfe3
               b3_yearfe4 b3_yearfe5 b3_yearfe6 b3_yearfe7 b3_yearfe8
               b3_yearfe9 b3_yearfe10 b3_yearfe11 b3_yearfe12 b3_yearfe13
               b3_yearfe14 b3_yearfe15 b4_yearfe1 b4_yearfe2 b4_yearfe3
               b4_yearfe4 b4_yearfe5 b4_yearfe6 b4_yearfe7 b4_yearfe8
               b4_yearfe9 b4_yearfe10 b4_yearfe11 b4_yearfe12 b4_yearfe13
               b4_yearfe14 b4_yearfe15 S2.lnadm_rtot S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (5) ldp;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot   l2s2.c_l_ass_sch_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 l4.c_l_ass_sch_rtot)  
>                              c_stnobuild100_rtot yearfe* s2.lnadm_rtot 
>                              if admr_200 & balance, cluster(d_nhid) first;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     480
-------------+------------------------------           F(  9,   470) =  684.76
       Model |   317580763     9  35286751.4           Prob > F      =  0.0000
    Residual |  24219882.9   470  51531.6658           R-squared     =  0.9291
-------------+------------------------------           Adj R-squared =  0.9278
       Total |   341800646   479  713571.286           Root MSE      =  227.01

------------------------------------------------------------------------------
S2.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   1.210478   .3822452     3.17   0.002     .4593566    1.961599
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |   61.48734   60.45638     1.02   0.310    -57.31091    180.2856
     yearfe8 |  (omitted)
     yearfe9 |   224.3102   60.36682     3.72   0.000     105.6879    342.9325
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -235.1595   191.7833    -1.23   0.221    -612.0183    141.6993
             |
c_e~p_rtot98 |
         S2. |   1.018361   .0301744    33.75   0.000     .9590673    1.077654
             |
c_exc_rtot98 |
         S2. |  -.0525566   .0301668    -1.74   0.082    -.1118352     .006722
             |
c_utax4_r~98 |   .3026352   .2714349     1.11   0.265    -.2307409    .8360114
c_rrev_rt~98 |   -.084614   .2656369    -0.32   0.750    -.6065968    .4373688
             |
c_l_ass_sc~t |
         L4. |  -.0172356   .0081053    -2.13   0.034    -.0331627   -.0013085
             |
       _cons |   36.42203   83.80205     0.43   0.664     -128.251    201.0951
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     480
-------------+------------------------------           F(  9,   470) =       .
       Model |  76537221.3     9   8504135.7           Prob > F      =  0.0000
    Residual |  30868.8871   470  65.6784832           R-squared     =  0.9996
-------------+------------------------------           Adj R-squared =  0.9996
       Total |  76568090.2   479  159849.875           Root MSE      =  8.1042

------------------------------------------------------------------------------
S2.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   .0226289   .0136464     1.66   0.098    -.0041865    .0494443
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |    7.42053   2.158324     3.44   0.001     3.179372    11.66169
     yearfe8 |  (omitted)
     yearfe9 |   7.255938   2.155126     3.37   0.001     3.021062    11.49081
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -8.232365   6.846762    -1.20   0.230    -21.68642    5.221688
             |
c_e~p_rtot98 |
         S2. |   .0022308   .0010772     2.07   0.039     .0001139    .0043476
             |
c_exc_rtot98 |
         S2. |   .9894299    .001077   918.71   0.000     .9873136    .9915462
             |
c_utax4_r~98 |  -.0076255   .0096904    -0.79   0.432    -.0266673    .0114163
c_rrev_rt~98 |   .0247035   .0094834     2.60   0.009     .0060684    .0433385
             |
c_l_ass_sc~t |
         L4. |   .0004885   .0002894     1.69   0.092    -.0000801    .0010571
             |
       _cons |  -10.01122   2.991776    -3.35   0.001    -15.89014   -4.132312
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     480
-------------+------------------------------           F(  9,   470) =20110.70
       Model |  1233483.18     9  137053.686           Prob > F      =  0.0000
    Residual |   3203.0324   470  6.81496255           R-squared     =  0.9974
-------------+------------------------------           Adj R-squared =  0.9974
       Total |  1236686.21   479  2581.80837           Root MSE      =  2.6105

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.0259488   .0043958    -5.90   0.000    -.0345866    -.017311
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |   2.829625   .6952432     4.07   0.000     1.463455    4.195795
     yearfe8 |  (omitted)
     yearfe9 |   2.503018   .6942133     3.61   0.000     1.138872    3.867164
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -20.42831   2.205492    -9.26   0.000    -24.76215   -16.09446
             |
c_e~p_rtot98 |
         S2. |   .0005892    .000347     1.70   0.090    -.0000927     .001271
             |
c_exc_rtot98 |
         S2. |   .0003424   .0003469     0.99   0.324    -.0003393    .0010241
             |
c_utax4_r~98 |   1.002477   .0031215   321.15   0.000     .9963434    1.008611
c_rrev_rt~98 |   .0177308   .0030548     5.80   0.000      .011728    .0237336
             |
c_l_ass_sc~t |
         L4. |   .0000382   .0000932     0.41   0.682    -.0001449    .0002214
             |
       _cons |  -2.095873   .9637165    -2.17   0.030    -3.989599   -.2021466
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     480
-------------+------------------------------           F(  9,   470) =21110.22
       Model |  1903994.98     9  211554.998           Prob > F      =  0.0000
    Residual |  4710.08142   470  10.0214498           R-squared     =  0.9975
-------------+------------------------------           Adj R-squared =  0.9975
       Total |  1908705.07   479  3984.77049           Root MSE      =  3.1657

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.0043934   .0053305    -0.82   0.410     -.014868    .0060812
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |   4.662561    .843083     5.53   0.000     3.005882    6.319239
     yearfe8 |  (omitted)
     yearfe9 |   4.133038    .841834     4.91   0.000     2.478814    5.787262
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -32.69116   2.674477   -12.22   0.000    -37.94657   -27.43574
             |
c_e~p_rtot98 |
         S2. |   .0005557   .0004208     1.32   0.187    -.0002711    .0013826
             |
c_exc_rtot98 |
         S2. |   .0003712   .0004207     0.88   0.378    -.0004554    .0011979
             |
c_utax4_r~98 |   .0148902   .0037852     3.93   0.000     .0074521    .0223283
c_rrev_rt~98 |   1.013027   .0037044   273.47   0.000     1.005748    1.020306
             |
c_l_ass_sc~t |
         L4. |   .0001596    .000113     1.41   0.159    -.0000625    .0003817
             |
       _cons |    -4.0886   1.168646    -3.50   0.001    -6.385017   -1.792183
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     480
-------------+------------------------------           F(  9,   470) =    1.17
       Model |  2672459.71     9  296939.968           Prob > F      =  0.3144
    Residual |   119614598   470  254499.144           R-squared     =  0.0219
-------------+------------------------------           Adj R-squared =  0.0031
       Total |   122287058   479  255296.571           Root MSE      =  504.48

------------------------------------------------------------------------------
L2S2.        |
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.4735048   .8494701    -0.56   0.578    -2.142734    1.195725
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  -56.15848   134.3533    -0.42   0.676    -320.1659    207.8489
     yearfe8 |  (omitted)
     yearfe9 |  -85.22447   134.1542    -0.64   0.526    -348.8408    178.3918
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -410.4555   426.2033    -0.96   0.336    -1247.955    427.0443
             |
c_e~p_rtot98 |
         S2. |  -.0705461   .0670571    -1.05   0.293    -.2023149    .0612227
             |
c_exc_rtot98 |
         S2. |   .0830672   .0670403     1.24   0.216    -.0486686     .214803
             |
c_utax4_r~98 |  -.2324886   .6032145    -0.39   0.700     -1.41782    .9528424
c_rrev_rt~98 |   .7005422   .5903294     1.19   0.236    -.4594693    1.860554
             |
c_l_ass_sc~t |
         L4. |  -.0344965   .0180125    -1.92   0.056    -.0698915    .0008984
             |
       _cons |   355.7382   186.2347     1.91   0.057    -10.21761    721.6939
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     480
                                                       F(  9,   123) =   79.51
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5338
                                                       Root MSE      =  519.28

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.8551404   .0675686   -12.66   0.000    -.9888884   -.7213924
             |
  c_exc_rtot |
         S2. |  -.1048313    .078133    -1.34   0.182    -.2594908    .0498282
             |
c_utax4_rtot |   .7129182    .670193     1.06   0.290    -.6136876    2.039524
 c_rrev_rtot |    .037346   .5445592     0.07   0.945    -1.040576    1.115268
             |
c_l_ass_sc~t |
       L2S2. |  -.0929373    .430481    -0.22   0.829    -.9450479    .7591734
             |
c_stn~0_rtot |   1.535861   1.160102     1.32   0.188    -.7604897    3.832211
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  -203.6757    171.251    -1.19   0.237    -542.6565    135.3052
     yearfe8 |  (omitted)
     yearfe9 |  -100.3403   130.6709    -0.77   0.444    -358.9954    158.3148
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S2. |  -3982.154   772.5649    -5.15   0.000    -5511.399   -2452.909
             |
       _cons |   427.6896   145.8914     2.93   0.004     138.9066    716.4726
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
               L2S2.c_l_ass_sch_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.lnadm_rtot S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
               L4.c_l_ass_sch_rtot
------------------------------------------------------------------------------

.  ****************************;
.  * Three - Year Differences *;
.  ****************************;
.    *****************;
.   * OLS - Table 3 *;
.   *****************;
.   restore;

.   preserve;

.   for num 88 90 91 93 94 96 97 99 100 102 103 : drop if year == X;

->  drop if year == 88
(0 observations deleted)

->  drop if year == 90
(231 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 94
(241 observations deleted)

->  drop if year == 96
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 100
(241 observations deleted)

->  drop if year == 102
(241 observations deleted)

->  drop if year == 103
(241 observations deleted)

.   drop if year > 101;
(252 observations deleted)

.   bysort nhid : egen c = count(c_l_ass_sch_rtot);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         19        1.99        1.99
          2 |         12        1.26        3.25
          4 |        924       96.75      100.00
------------+-----------------------------------
      Total |        955      100.00

.   gen balance = (c == 4);

.   tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 92 to 101, but with gaps
                delta:  1 unit

.   sort nhid year;

.    * (1);
.   reg s3.c_l_ass_sch_rtot s3.c_strp_l_rtot s3.c_exc_rtot c_utax4_rtot c_rrev_rtot 
>                           c_stnobuild101_rtot yearfe* 
>                           if admr_200 & balance, cluster(d_nhid);
note: yearfe1 omitted because of collinearity
note: yearfe2 omitted because of collinearity
note: yearfe3 omitted because of collinearity
note: yearfe4 omitted because of collinearity
note: yearfe5 omitted because of collinearity
note: yearfe7 omitted because of collinearity
note: yearfe8 omitted because of collinearity
note: yearfe10 omitted because of collinearity
note: yearfe11 omitted because of collinearity
note: yearfe12 omitted because of collinearity
note: yearfe13 omitted because of collinearity
note: yearfe14 omitted because of collinearity
note: yearfe15 omitted because of collinearity

Linear regression                                      Number of obs =     483
                                                       F(  7,   123) =   20.72
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2978
                                                       Root MSE      =  673.66

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.4545232   .0685633    -6.63   0.000      -.59024   -.3188065
             |
  c_exc_rtot |
         S3. |   .1404616   .0724234     1.94   0.055    -.0028961    .2838193
             |
c_utax4_rtot |   1.006794   .7144027     1.41   0.161    -.4073225     2.42091
 c_rrev_rtot |   .8124064   .5700065     1.43   0.157    -.3158865    1.940699
c_stn~1_rtot |   .7341767   1.045358     0.70   0.484    -1.335046      2.8034
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |   235.4953    149.187     1.58   0.117    -59.81127    530.8019
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   236.8737   144.9008     1.63   0.105    -49.94861     523.696
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |  -117.8299   138.0513    -0.85   0.395    -391.0939    155.4341
------------------------------------------------------------------------------

.   tab year if e(sample);

fiscal year |      Freq.     Percent        Cum.
------------+-----------------------------------
         95 |        161       33.33       33.33
         98 |        161       33.33       66.67
        101 |        161       33.33      100.00
------------+-----------------------------------
      Total |        483      100.00

.   **********************;
.   * IV - Table 4 and 5 *;
.   **********************;
.   * (1);
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild101_rtot yearfe*  
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F(  7,   123) =   33.95
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2145
                                                       Root MSE      =  712.48

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.8886226   .0856012   -10.38   0.000    -1.058065   -.7191803
             |
  c_exc_rtot |
         S3. |  -.0928976    .072874    -1.27   0.205    -.2371472     .051352
             |
c_utax4_rtot |   .8547512   .8909586     0.96   0.339    -.9088468    2.618349
 c_rrev_rtot |   .8209833   .7155186     1.15   0.253    -.5953418    2.237308
c_stn~1_rtot |   1.321826   1.089989     1.21   0.228    -.8357416    3.479393
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  -433.5531   163.5821    -2.65   0.009    -757.3538   -109.7524
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -372.5609   224.7061    -1.66   0.100     -817.353    72.23112
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   545.4655   177.5648     3.07   0.003      193.987    896.9441
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S3.c_edg_snp_rtot98
               S3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (2) trends;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot  = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild101_rtot yearfe*  *towfe*
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F(  6,   123) =       .
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4147
                                                       Root MSE      =  755.22

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.8036653   .0971323    -8.27   0.000    -.9959328   -.6113978
             |
  c_exc_rtot |
         S3. |  -.1162346   .0773921    -1.50   0.136    -.2694275    .0369583
             |
c_utax4_rtot |   .4594705   1.165133     0.39   0.694    -1.846839     2.76578
 c_rrev_rtot |   .3677947   1.289899     0.29   0.776    -2.185481    2.921071
c_stn~1_rtot |   1.946106   1.656917     1.17   0.242    -1.333659    5.225871
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  -336.8483   206.7875    -1.63   0.106    -746.1714     72.4749
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   -287.523   248.1897    -1.16   0.249    -778.7992    203.7532
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |  -640.5534   141.9091    -4.51   0.000    -921.4537   -359.6531
      towfe2 |  -491.1398   135.4845    -3.63   0.000    -759.3231   -222.9565
      towfe3 |   -285.253   140.9519    -2.02   0.045    -564.2587   -6.247315
      towfe4 |  (omitted)
      towfe5 |  -521.7013   149.3802    -3.49   0.001    -817.3903   -226.0123
      towfe6 |   -166.684   138.2558    -1.21   0.230    -440.3528    106.9849
      towfe7 |  -338.4516   138.3911    -2.45   0.016    -612.3884   -64.51482
      towfe8 |  -730.7924   154.2396    -4.74   0.000      -1036.1   -425.4845
      towfe9 |  -354.0493   135.7858    -2.61   0.010    -622.8289   -85.26971
     towfe10 |  -357.6335   142.7091    -2.51   0.014    -640.1174   -75.14953
     towfe11 |  -266.5739   147.0229    -1.81   0.072    -557.5966    24.44886
     towfe12 |  (omitted)
     towfe13 |  -981.5178   105.1266    -9.34   0.000    -1189.609   -773.4262
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |  -678.2781   141.0611    -4.81   0.000       -957.5   -399.0563
     towfe17 |  (omitted)
     towfe18 |  -881.0135   133.8569    -6.58   0.000    -1145.975    -616.052
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   149.0886   139.0749     1.07   0.286    -126.2017    424.3788
     towfe23 |  (omitted)
     towfe24 |  -801.2505   132.9592    -6.03   0.000    -1064.435    -538.066
     towfe25 |  (omitted)
     towfe26 |  -7.661015   141.8635    -0.05   0.957    -288.4711    273.1491
     towfe27 |   -794.091   75.06299   -10.58   0.000    -942.6736   -645.5084
     towfe28 |  -600.5807   135.9518    -4.42   0.000    -869.6889   -331.4725
     towfe29 |  -457.4188   138.2317    -3.31   0.001    -731.0399   -183.7977
     towfe30 |   -356.006   134.9314    -2.64   0.009    -623.0946    -88.9175
     towfe31 |   -492.153   157.5065    -3.12   0.002    -803.9276   -180.3785
     towfe32 |   1066.909   188.8212     5.65   0.000     693.1493    1440.669
     towfe33 |  -216.6625   136.0972    -1.59   0.114    -486.0585    52.73364
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |  -91.35076   146.8534    -0.62   0.535     -382.038    199.3365
     towfe37 |  -673.6705   138.8205    -4.85   0.000    -948.4571   -398.8838
     towfe38 |  -171.9435   162.6621    -1.06   0.293    -493.9231    150.0361
     towfe39 |  -135.1724   137.8816    -0.98   0.329    -408.1007    137.7558
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |  -279.3761    134.671    -2.07   0.040    -545.9491   -12.80311
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |  -145.7229   134.1788    -1.09   0.280    -411.3215    119.8757
     towfe49 |   82.13813   156.9588     0.52   0.602    -228.5522    392.8285
     towfe50 |  -479.1184   143.4844    -3.34   0.001    -763.1369   -195.0999
     towfe51 |    -980.74   178.3953    -5.50   0.000    -1333.863   -627.6175
     towfe52 |   237.0792   154.7813     1.53   0.128    -69.30092    543.4594
     towfe53 |   -365.842   155.1523    -2.36   0.020    -672.9565   -58.72748
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |  -456.0763   143.5313    -3.18   0.002    -740.1877   -171.9649
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |  -144.2509   245.3862    -0.59   0.558    -629.9778     341.476
     towfe62 |  (omitted)
     towfe63 |  -363.4997   135.2917    -2.69   0.008    -631.3013   -95.69808
     towfe64 |  -519.7154   167.9545    -3.09   0.002     -852.171   -187.2598
     towfe65 |   -219.055   213.1517    -1.03   0.306    -640.9757    202.8657
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  -491.3577   135.1179    -3.64   0.000    -758.8152   -223.9001
     towfe73 |  -526.7432   145.3393    -3.62   0.000    -814.4335   -239.0529
     towfe74 |   249.3588   147.8086     1.69   0.094    -43.21927    541.9368
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |  -335.9457   133.5148    -2.52   0.013    -600.2301   -71.66137
     towfe78 |  (omitted)
     towfe79 |  -430.0101   135.2397    -3.18   0.002    -697.7088   -162.3115
     towfe80 |  -514.5104   154.7672    -3.32   0.001    -820.8626   -208.1583
     towfe81 |  -134.8865   133.5423    -1.01   0.314    -399.2254    129.4523
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |  -581.5015   140.6641    -4.13   0.000    -859.9376   -303.0655
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |  -506.0004   140.2299    -3.61   0.000    -783.5769   -228.4239
     towfe90 |  (omitted)
     towfe91 |    180.392   128.4609     1.40   0.163    -73.88859    434.6725
     towfe92 |  (omitted)
     towfe93 |  -50.86621   149.4615    -0.34   0.734    -346.7161    244.9837
     towfe94 |  (omitted)
     towfe95 |   -375.249   144.3607    -2.60   0.010    -661.0022   -89.49586
     towfe96 |   142.3245   209.4344     0.68   0.498     -272.238     556.887
     towfe97 |  (omitted)
     towfe98 |   284.7245     154.62     1.84   0.068     -21.3363    590.7854
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |  -740.8102   136.5973    -5.42   0.000    -1011.196   -470.4242
    towfe103 |   368.8224     135.06     2.73   0.007     101.4795    636.1653
    towfe104 |  (omitted)
    towfe105 |  -233.2239   135.1958    -1.73   0.087    -500.8357    34.38798
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |  -562.2083   136.5975    -4.12   0.000    -832.5945    -291.822
    towfe111 |   -801.944   134.7342    -5.95   0.000    -1068.642    -535.246
    towfe112 |  -585.2329   144.5526    -4.05   0.000    -871.3658   -299.0999
    towfe113 |  -590.2668   145.2217    -4.06   0.000    -877.7242   -302.8095
    towfe114 |  -843.0259   135.9246    -6.20   0.000     -1112.08   -573.9715
    towfe115 |  -152.1617   133.7003    -1.14   0.257    -416.8133      112.49
    towfe116 |  -578.1139   135.0999    -4.28   0.000    -845.5359   -310.6919
    towfe117 |  -648.7371   136.1464    -4.76   0.000    -918.2306   -379.2436
    towfe118 |  -778.5619   133.5114    -5.83   0.000     -1042.84   -514.2843
    towfe119 |  -392.6611    138.986    -2.83   0.006    -667.7753   -117.5469
    towfe120 |  -191.5774   140.5971    -1.36   0.175    -469.8808    86.72604
    towfe121 |   6.046521     133.86     0.05   0.964    -258.9212    271.0142
    towfe122 |  -560.1193   143.5439    -3.90   0.000    -844.2558   -275.9829
    towfe123 |  -582.0782    137.408    -4.24   0.000    -854.0689   -310.0875
    towfe124 |  -460.1151   133.6683    -3.44   0.001    -724.7033   -195.5268
    towfe125 |  -151.3122   133.0252    -1.14   0.258    -414.6274     112.003
    towfe126 |  -540.9112   134.4909    -4.02   0.000    -807.1277   -274.6947
    towfe127 |  (omitted)
    towfe128 |   -365.439    134.141    -2.72   0.007    -630.9629   -99.91504
    towfe129 |  -570.3264   145.1558    -3.93   0.000    -857.6534   -282.9993
    towfe130 |  -1002.481   179.2783    -5.59   0.000    -1357.352   -647.6107
    towfe131 |  -614.7881    133.853    -4.59   0.000    -879.7419   -349.8343
    towfe132 |  -456.9841   135.3579    -3.38   0.001    -724.9167   -189.0516
    towfe133 |   -563.866    133.317    -4.23   0.000    -827.7588   -299.9732
    towfe134 |  -505.7446   135.1352    -3.74   0.000    -773.2366   -238.2527
    towfe135 |  -535.9624   171.1865    -3.13   0.002    -874.8155   -197.1093
    towfe136 |  (omitted)
    towfe137 |   -867.266   134.4256    -6.45   0.000    -1133.353   -601.1788
    towfe138 |  -766.4202    134.777    -5.69   0.000    -1033.203   -499.6373
    towfe139 |  -140.0263   137.4189    -1.02   0.310    -412.0386    131.9859
    towfe140 |  (omitted)
    towfe141 |  -587.5275   141.5221    -4.15   0.000    -867.6618   -307.3932
    towfe142 |  -168.1603   142.3043    -1.18   0.240    -449.8429    113.5223
    towfe143 |  -76.32314   135.5297    -0.56   0.574    -344.5958    191.9495
    towfe144 |  -543.9656   175.1168    -3.11   0.002    -890.5986   -197.3327
    towfe145 |  -860.2564   135.3089    -6.36   0.000    -1128.092   -592.4207
    towfe146 |   110.0553   142.8345     0.77   0.442     -172.677    392.7875
    towfe147 |   58.29856   135.4788     0.43   0.668    -209.8734    326.4705
    towfe148 |  -570.6083   139.0359    -4.10   0.000    -845.8214   -295.3953
    towfe149 |  (omitted)
    towfe150 |  -1026.547   244.5677    -4.20   0.000    -1510.654   -542.4405
    towfe151 |  -254.5746   134.4188    -1.89   0.061    -520.6484     11.4993
    towfe152 |  -179.5568    147.511    -1.22   0.226    -471.5458    112.4323
    towfe153 |  -718.9625   134.2997    -5.35   0.000    -984.8005   -453.1246
    towfe154 |  (omitted)
    towfe155 |  -411.9862   139.5295    -2.95   0.004    -688.1763   -135.7962
    towfe156 |  -708.2424    138.877    -5.10   0.000     -983.141   -433.3439
    towfe157 |  -13.22379   134.1264    -0.10   0.922    -278.7188    252.2712
    towfe158 |   261.9452   123.7191     2.12   0.036     17.05077    506.8396
    towfe159 |   276.7622   82.14676     3.37   0.001     114.1578    439.3667
    towfe160 |  -112.7571   134.9034    -0.84   0.405    -379.7901    154.2759
    towfe161 |  -129.5885   133.7364    -0.97   0.334    -394.3114    135.1344
    towfe162 |  -571.7078    142.415    -4.01   0.000    -853.6096   -289.8061
    towfe163 |  (omitted)
    towfe164 |  -746.7088   135.5705    -5.51   0.000    -1015.062   -478.3554
    towfe165 |  -619.9648   136.4923    -4.54   0.000     -890.143   -349.7866
    towfe166 |  -123.2834   145.5957    -0.85   0.399    -411.4811    164.9143
    towfe167 |  (omitted)
    towfe168 |  -149.8795   149.4452    -1.00   0.318    -445.6971     145.938
    towfe169 |  -698.8304    137.223    -5.09   0.000     -970.455   -427.2058
    towfe170 |  -167.5787   135.1748    -1.24   0.217    -435.1489    99.99161
    towfe171 |  -621.8879   137.0379    -4.54   0.000    -893.1461   -350.6298
    towfe172 |  -542.5827   140.1383    -3.87   0.000    -819.9779   -265.1874
    towfe173 |  -174.6773   137.8727    -1.27   0.208    -447.5879    98.23336
    towfe174 |  -11.12217   137.0658    -0.08   0.935    -282.4355    260.1911
    towfe175 |  -540.0166    133.356    -4.05   0.000    -803.9867   -276.0465
    towfe176 |  -246.8212   159.3802    -1.55   0.124    -562.3045    68.66199
    towfe177 |   -492.128   136.1873    -3.61   0.000    -761.7023   -222.5537
    towfe178 |  -528.9281   136.4201    -3.88   0.000    -798.9634   -258.8928
    towfe179 |  -447.0468   136.0836    -3.29   0.001     -716.416   -177.6776
    towfe180 |  -547.7077   155.0708    -3.53   0.001    -854.6609   -240.7546
    towfe181 |  -131.0511   135.5942    -0.97   0.336    -399.4514    137.3493
    towfe182 |  -270.3745   148.7835    -1.82   0.072    -564.8823    24.13331
    towfe183 |  -76.84887   136.0202    -0.56   0.573    -346.0924    192.3947
    towfe184 |  -628.7592   138.8153    -4.53   0.000    -903.5356   -353.9828
    towfe185 |  -119.4437   138.2731    -0.86   0.389    -393.1469    154.2594
    towfe186 |   136.8975   135.6212     1.01   0.315    -131.5564    405.3515
    towfe187 |  (omitted)
    towfe188 |    -175.36   147.7782    -1.19   0.238     -467.878    117.1579
    towfe189 |  (omitted)
    towfe190 |  -67.63636   136.7805    -0.49   0.622    -338.3849    203.1122
    towfe191 |  -63.07989   136.4987    -0.46   0.645    -333.2706    207.1108
    towfe192 |   20.69275   129.0914     0.16   0.873    -234.8357    276.2212
    towfe193 |  -492.5814   139.9923    -3.52   0.001    -769.6876   -215.4752
    towfe194 |   -348.194   135.6708    -2.57   0.011    -616.7461   -79.64183
    towfe195 |  -319.5975   144.0208    -2.22   0.028    -604.6777   -34.51719
    towfe196 |  -326.0289   158.5647    -2.06   0.042    -639.8981   -12.15975
    towfe197 |  -54.37447   135.3915    -0.40   0.689    -322.3736    213.6247
    towfe198 |    4.94375   63.47891     0.08   0.938    -120.7089    130.5964
    towfe199 |  -578.5087   145.1068    -3.99   0.000    -865.7387   -291.2788
    towfe200 |  -354.1366   138.0992    -2.56   0.012    -627.4954   -80.77775
    towfe201 |  (omitted)
    towfe202 |  -269.9992   140.3113    -1.92   0.057    -547.7369    7.738474
    towfe203 |  -447.4073   142.4433    -3.14   0.002     -729.365   -165.4496
    towfe204 |  -661.3759   134.3465    -4.92   0.000    -927.3065   -395.4452
    towfe205 |  -308.1096   140.0419    -2.20   0.030     -585.314   -30.90516
    towfe206 |  -181.5522   149.4732    -1.21   0.227    -477.4252    114.3208
    towfe207 |  -305.6158    141.107    -2.17   0.032    -584.9284   -26.30326
    towfe208 |  -308.8047   134.5009    -2.30   0.023    -575.0409    -42.5684
    towfe209 |  -326.0499   134.1978    -2.43   0.017    -591.6863   -60.41359
    towfe210 |  -414.5149   138.2509    -3.00   0.003    -688.1741   -140.8557
    towfe211 |  -684.6573   137.2314    -4.99   0.000    -956.2985   -413.0161
    towfe212 |  -771.2984   133.9559    -5.76   0.000    -1036.456   -506.1409
    towfe213 |   -415.891   133.6274    -3.11   0.002    -680.3983   -151.3837
    towfe214 |  -683.9049   161.4978    -4.23   0.000     -1003.58   -364.2299
    towfe215 |  -424.8264    139.704    -3.04   0.003    -701.3619   -148.2909
    towfe216 |  -576.1278   139.0926    -4.14   0.000    -851.4529   -300.8026
    towfe217 |  (omitted)
    towfe218 |  -226.4559    134.677    -1.68   0.095    -493.0407    40.12888
    towfe219 |  -314.1291   149.6533    -2.10   0.038    -610.3587   -17.89945
    towfe220 |   403.5115   134.3999     3.00   0.003     137.4751     669.548
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |  -238.7253   114.1221    -2.09   0.039    -464.6231   -12.82761
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |  -1475.218    210.919    -6.99   0.000    -1892.719   -1057.717
    towfe227 |  -24.17321   167.8652    -0.14   0.886     -356.452    308.1056
    towfe228 |  (omitted)
    towfe229 |   395.5093   129.5002     3.05   0.003     139.1715     651.847
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
       _cons |    806.389   259.1049     3.11   0.002     293.5068    1319.271
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 towfe1 towfe2 towfe3 towfe4 towfe5
               towfe6 towfe7 towfe8 towfe9 towfe10 towfe11 towfe12 towfe13
               towfe14 towfe15 towfe16 towfe17 towfe18 towfe19 towfe20
               towfe21 towfe22 towfe23 towfe24 towfe25 towfe26 towfe27
               towfe28 towfe29 towfe30 towfe31 towfe32 towfe33 towfe34
               towfe35 towfe36 towfe37 towfe38 towfe39 towfe40 towfe41
               towfe42 towfe43 towfe44 towfe45 towfe46 towfe47 towfe48
               towfe49 towfe50 towfe51 towfe52 towfe53 towfe54 towfe55
               towfe56 towfe57 towfe58 towfe59 towfe60 towfe61 towfe62
               towfe63 towfe64 towfe65 towfe66 towfe67 towfe68 towfe69
               towfe70 towfe71 towfe72 towfe73 towfe74 towfe75 towfe76
               towfe77 towfe78 towfe79 towfe80 towfe81 towfe82 towfe83
               towfe84 towfe85 towfe86 towfe87 towfe88 towfe89 towfe90
               towfe91 towfe92 towfe93 towfe94 towfe95 towfe96 towfe97
               towfe98 towfe99 towfe100 towfe101 towfe102 towfe103 towfe104
               towfe105 towfe106 towfe107 towfe108 towfe109 towfe110
               towfe111 towfe112 towfe113 towfe114 towfe115 towfe116
               towfe117 towfe118 towfe119 towfe120 towfe121 towfe122
               towfe123 towfe124 towfe125 towfe126 towfe127 towfe128
               towfe129 towfe130 towfe131 towfe132 towfe133 towfe134
               towfe135 towfe136 towfe137 towfe138 towfe139 towfe140
               towfe141 towfe142 towfe143 towfe144 towfe145 towfe146
               towfe147 towfe148 towfe149 towfe150 towfe151 towfe152
               towfe153 towfe154 towfe155 towfe156 towfe157 towfe158
               towfe159 towfe160 towfe161 towfe162 towfe163 towfe164
               towfe165 towfe166 towfe167 towfe168 towfe169 towfe170
               towfe171 towfe172 towfe173 towfe174 towfe175 towfe176
               towfe177 towfe178 towfe179 towfe180 towfe181 towfe182
               towfe183 towfe184 towfe185 towfe186 towfe187 towfe188
               towfe189 towfe190 towfe191 towfe192 towfe193 towfe194
               towfe195 towfe196 towfe197 towfe198 towfe199 towfe200
               towfe201 towfe202 towfe203 towfe204 towfe205 towfe206
               towfe207 towfe208 towfe209 towfe210 towfe211 towfe212
               towfe213 towfe214 towfe215 towfe216 towfe217 towfe218
               towfe219 towfe220 towfe221 towfe222 towfe223 towfe224
               towfe225 towfe226 towfe227 towfe228 towfe229 towfe230
               towfe231 towfe232 towfe233 towfe234 towfe235 towfe236
               towfe237 towfe238 towfe239 towfe240 towfe241 towfe242
               towfe243 S3.c_edg_snp_rtot98 S3.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   * (3) - covariates;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot  = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild101_rtot `covar'
>                              if admr_200 & balance & year == 101, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     161
                                                       F( 15,   123) =   10.35
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4340
                                                       Root MSE      =  726.48

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |   -.970515   .1148474    -8.45   0.000    -1.197848   -.7431816
             |
  c_exc_rtot |
         S3. |  -.0738819    .090411    -0.82   0.415    -.2528449    .1050811
             |
c_utax4_rtot |   .4885677   .9362962     0.52   0.603    -1.364773    2.341909
 c_rrev_rtot |   .2270594    .928858     0.24   0.807    -1.611558    2.065677
c_stn~1_rtot |   1.397617   1.161219     1.20   0.231    -.9009442    3.696177
 sf3_pnwhite |    3648.77   5386.703     0.68   0.499    -7013.879    14311.42
   sf3_unemp |  -1215.815   1862.934    -0.65   0.515    -4903.379    2471.749
    sf3_ppov |   3076.369   2801.436     1.10   0.274    -2468.902    8621.641
     sf3_phs |  -2303.461   2498.622    -0.92   0.358     -7249.33    2642.409
    sf3_pcol |  -1884.881   1883.109    -1.00   0.319    -5612.379    1842.618
    sf3_sr95 |   238.1823   1252.778     0.19   0.850    -2241.614    2717.979
      rtot98 |  -.1338458   .0771931    -1.73   0.085    -.2866447    .0189532
     rtot982 |   6.81e-06   5.57e-06     1.22   0.224    -4.22e-06    .0000178
     sf3_hai |  -.0148778   .0130357    -1.14   0.256    -.0406811    .0109255
     sf3_hmi |   .0193925   .0146024     1.33   0.187     -.009512     .048297
       _cons |   2323.462   2152.694     1.08   0.283    -1937.664    6584.587
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot sf3_pnwhite sf3_unemp sf3_ppov sf3_phs
               sf3_pcol sf3_sr95 rtot98 rtot982 sf3_hai sf3_hmi
               S3.c_edg_snp_rtot98 S3.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   * (4) - separate year intercepts;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild101_rtot *b*yearfe*   
>                              if admr_200 & balance, cluster(d_nhid);

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F( 16,   123) =   19.31
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2056
                                                       Root MSE      =  723.39

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.9753815   .1902467    -5.13   0.000    -1.351963   -.5987998
             |
  c_exc_rtot |
         S3. |  -.1140468    .078969    -1.44   0.151    -.2703611    .0422674
             |
c_utax4_rtot |   1.096682   .9428609     1.16   0.247    -.7696536    2.963017
 c_rrev_rtot |   .4755244   .7098425     0.67   0.504    -.9295654    1.880614
c_stn~1_rtot |   1.591229   1.068004     1.49   0.139    -.5228201    3.705279
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  (omitted)
  b1_yearfe6 |  -998.4547   330.0681    -3.02   0.003    -1651.804   -345.1052
  b1_yearfe7 |  (omitted)
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |  -984.1181    551.456    -1.78   0.077    -2075.691    107.4552
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  (omitted)
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |  (omitted)
  b2_yearfe6 |  -906.4522   424.8283    -2.13   0.035    -1747.374   -65.53055
  b2_yearfe7 |  (omitted)
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |  -702.3658   374.7495    -1.87   0.063    -1444.159    39.42781
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  (omitted)
 b2_yearfe12 |  -351.3438   137.7183    -2.55   0.012    -623.9487   -78.73894
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  (omitted)
  b3_yearfe6 |  -845.5061   381.9342    -2.21   0.029    -1601.521   -89.49078
  b3_yearfe7 |  (omitted)
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |  -770.9532   421.5884    -1.83   0.070    -1605.462    63.55509
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  (omitted)
 b3_yearfe12 |  -473.2182   178.9366    -2.64   0.009    -827.4123   -119.0242
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |  (omitted)
  b4_yearfe6 |  -728.0397   322.2235    -2.26   0.026    -1365.861   -90.21794
  b4_yearfe7 |  (omitted)
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |  -727.9248   384.1126    -1.90   0.060    -1488.252    32.40256
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |  (omitted)
 b4_yearfe12 |    -383.85   319.4874    -1.20   0.232    -1016.256    248.5557
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
       _cons |    981.176   386.2291     2.54   0.012     216.6592    1745.693
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot b1_yearfe1 b1_yearfe2 b1_yearfe3
               b1_yearfe4 b1_yearfe5 b1_yearfe6 b1_yearfe7 b1_yearfe8
               b1_yearfe9 b1_yearfe10 b1_yearfe11 b1_yearfe12 b1_yearfe13
               b1_yearfe14 b1_yearfe15 b2_yearfe1 b2_yearfe2 b2_yearfe3
               b2_yearfe4 b2_yearfe5 b2_yearfe6 b2_yearfe7 b2_yearfe8
               b2_yearfe9 b2_yearfe10 b2_yearfe11 b2_yearfe12 b2_yearfe13
               b2_yearfe14 b2_yearfe15 b3_yearfe1 b3_yearfe2 b3_yearfe3
               b3_yearfe4 b3_yearfe5 b3_yearfe6 b3_yearfe7 b3_yearfe8
               b3_yearfe9 b3_yearfe10 b3_yearfe11 b3_yearfe12 b3_yearfe13
               b3_yearfe14 b3_yearfe15 b4_yearfe1 b4_yearfe2 b4_yearfe3
               b4_yearfe4 b4_yearfe5 b4_yearfe6 b4_yearfe7 b4_yearfe8
               b4_yearfe9 b4_yearfe10 b4_yearfe11 b4_yearfe12 b4_yearfe13
               b4_yearfe14 b4_yearfe15 S3.c_edg_snp_rtot98 S3.c_exc_rtot98
               c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (5) ldp;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot   l3s3.c_l_ass_sch_rtot = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 l6.c_l_ass_sch_rtot)  
>                              c_stnobuild101_rtot yearfe*  
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     322
                                                       F(  7,   123) =   16.19
                                                       Prob > F      =  0.0000
                                                       R-squared     =       .
                                                       Root MSE      =  939.65

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.7457312   .1154564    -6.46   0.000    -.9742701   -.5171923
             |
  c_exc_rtot |
         S3. |  -.1153783    .099747    -1.16   0.250    -.3128212    .0820647
             |
c_utax4_rtot |   .2077729   1.417327     0.15   0.884    -2.597738    3.013284
 c_rrev_rtot |   .1798506   1.074875     0.17   0.867    -1.947799      2.3075
             |
c_l_ass_sc~t |
       L3S3. |   .9110614   .4800525     1.90   0.060    -.0391731    1.861296
             |
c_stn~1_rtot |   2.789982   1.510063     1.85   0.067    -.1990959     5.77906
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -244.8758   222.8386    -1.10   0.274     -685.971    196.2195
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   287.3628   216.8965     1.32   0.188    -141.9706    716.6961
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
               L3S3.c_l_ass_sch_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S3.c_edg_snp_rtot98
               S3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
               L6.c_l_ass_sch_rtot
------------------------------------------------------------------------------

.  *******************************;
.  * First-Stages - for F-stats  *;
.  *******************************;
.   * (1) full;
.   ivreg                      s3.c_strp_l_rtot    
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98  
>                              c_stnobuild101_rtot yearfe* 
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     483
-------------+------------------------------           F(  7,   475) =  305.98
       Model |   314300146     7  44900020.9           Prob > F      =  0.0000
    Residual |  69703200.4   475   146743.58           R-squared     =  0.8185
-------------+------------------------------           Adj R-squared =  0.8158
       Total |   384003347   482  796687.442           Root MSE      =  383.07

------------------------------------------------------------------------------
S3.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S3. |   1.017683   .0485478    20.96   0.000     .9222878    1.113078
             |
c_exc_rtot98 |
         S3. |   .0139462   .0496458     0.28   0.779    -.0836064    .1114988
             |
c_utax4_r~98 |   .5232321   .4699251     1.11   0.266     -.400157    1.446621
c_rrev_rt~98 |   .3552574   .4613928     0.77   0.442    -.5513659    1.261881
c_stn~1_rtot |   1.071257   .5044246     2.12   0.034     .0800778    2.062437
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |   108.0103   100.2402     1.08   0.282    -88.95883    304.9793
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   245.3379   100.2402     2.45   0.015     48.36881     442.307
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   -121.263   95.58582    -1.27   0.205    -309.0864    66.56032
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S3.c_edg_snp_rtot98 = 0
 ( 2)  S3.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   475) =  149.20
            Prob > F =    0.0000

.   * (2) district trends;
.   ivreg                      s3.c_strp_l_rtot    
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98  
>                              c_stnobuild101_rtot yearfe* *towfe* 
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     483
-------------+------------------------------           F(167,   315) =   10.42
       Model |   325127810   167  1946873.11           Prob > F      =  0.0000
    Residual |  58875536.9   315  186906.466           R-squared     =  0.8467
-------------+------------------------------           Adj R-squared =  0.7654
       Total |   384003347   482  796687.442           Root MSE      =  432.33

------------------------------------------------------------------------------
S3.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S3. |   1.041525   .0671039    15.52   0.000     .9094969    1.173554
             |
c_exc_rtot98 |
         S3. |   .0297557   .0686216     0.43   0.665     -.105259    .1647703
             |
c_utax4_r~98 |   .4828071   .6495415     0.74   0.458     -.795181    1.760795
c_rrev_rt~98 |   .3058545   .6377479     0.48   0.632    -.9489294    1.560638
c_stn~1_rtot |   .9102169   .6972275     1.31   0.193    -.4615945    2.282028
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |   128.9525   134.2997     0.96   0.338    -135.2853    393.1903
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   266.2802   134.2997     1.98   0.048     2.042391    530.5179
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |   4.176586   372.1583     0.01   0.991    -728.0537    736.4069
      towfe2 |   141.8197   373.2082     0.38   0.704    -592.4762    876.1156
      towfe3 |    51.7501   372.5234     0.14   0.890    -681.1984    784.6986
      towfe4 |  (omitted)
      towfe5 |   127.9662    377.745     0.34   0.735    -615.2561    871.1885
      towfe6 |   91.70699   373.1137     0.25   0.806    -642.4029    825.8169
      towfe7 |   77.04229   373.0184     0.21   0.837    -656.8801    810.9647
      towfe8 |  -27.37054   376.7535    -0.07   0.942    -768.6419    713.9008
      towfe9 |   117.1312   373.0061     0.31   0.754     -616.767    851.0295
     towfe10 |   250.0172   377.0094     0.66   0.508    -491.7576     991.792
     towfe11 |   148.2397   376.3233     0.39   0.694    -592.1853    888.6647
     towfe12 |  (omitted)
     towfe13 |  -39.12697   363.0001    -0.11   0.914    -753.3382    675.0843
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |   79.12007   374.2723     0.21   0.833    -657.2695    815.5096
     towfe17 |  (omitted)
     towfe18 |   196.8143   372.5641     0.53   0.598    -536.2144    929.8429
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   154.8896   374.9929     0.41   0.680    -582.9178     892.697
     towfe23 |  (omitted)
     towfe24 |   22.20569   372.1179     0.06   0.952     -709.945    754.3564
     towfe25 |  (omitted)
     towfe26 |   151.3186   373.5523     0.41   0.686    -583.6543    886.2915
     towfe27 |   142.2346   359.0618     0.40   0.692    -564.2279    848.6971
     towfe28 |   66.88398   373.1555     0.18   0.858    -667.3083    801.0763
     towfe29 |   199.2514   374.8384     0.53   0.595    -538.2519    936.7548
     towfe30 |   125.2445   372.9485     0.34   0.737    -608.5404    859.0294
     towfe31 |   22.93369   374.9933     0.06   0.951    -714.8744    760.7418
     towfe32 |  -294.9576   379.5392    -0.78   0.438     -1041.71    451.7948
     towfe33 |   196.8169   374.0549     0.53   0.599    -539.1449    932.7787
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |   115.9567   373.7232     0.31   0.757    -619.3525    851.2658
     towfe37 |   102.9398   373.2673     0.28   0.783    -631.4724     837.352
     towfe38 |   260.1811   377.1119     0.69   0.491    -481.7955    1002.158
     towfe39 |   275.9453   372.9165     0.74   0.460    -457.7768    1009.667
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |   155.7879   373.6249     0.42   0.677     -579.328    890.9037
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |   197.5693    372.949     0.53   0.597    -536.2166    931.3551
     towfe49 |   155.1748   374.9798     0.41   0.679    -582.6069    892.9564
     towfe50 |   124.5547    375.474     0.33   0.740    -614.1992    863.3085
     towfe51 |  -43.29817   376.3219    -0.12   0.908    -783.7205    697.1241
     towfe52 |   98.51167   374.9204     0.26   0.793    -639.1529    836.1763
     towfe53 |  -113.3331   374.8341    -0.30   0.763    -850.8279    624.1618
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |  -28.75357   373.6404    -0.08   0.939    -763.8998    706.3926
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |   57.53899   388.0142     0.15   0.882     -705.888     820.966
     towfe62 |  (omitted)
     towfe63 |  -63.30075   372.2434    -0.17   0.865    -795.6984    669.0969
     towfe64 |   17.89123   375.2345     0.05   0.962    -720.3914    756.1739
     towfe65 |   483.8226   382.7137     1.26   0.207    -269.1755    1236.821
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  -43.47705   372.4627    -0.12   0.907    -776.3061     689.352
     towfe73 |   178.5367   373.5384     0.48   0.633    -556.4089    913.4823
     towfe74 |   61.35081   373.8536     0.16   0.870    -674.2149    796.9165
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |   299.1978   372.4794     0.80   0.422    -433.6641     1032.06
     towfe78 |  (omitted)
     towfe79 |   110.4053   372.9039     0.30   0.767    -623.2919    844.1026
     towfe80 |   254.0029   373.8112     0.68   0.497    -481.4794    989.4852
     towfe81 |   33.45959   372.3784     0.09   0.928    -699.2037    766.1229
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |    11.0279     374.04     0.03   0.976    -724.9047    746.9605
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |   201.5784   372.8731     0.54   0.589    -532.0581     935.215
     towfe90 |  (omitted)
     towfe91 |   134.1346   371.3794     0.36   0.718     -596.563    864.8322
     towfe92 |  (omitted)
     towfe93 |   101.1161   376.7675     0.27   0.789    -640.1828     842.415
     towfe94 |  (omitted)
     towfe95 |   -79.9387   372.7771    -0.21   0.830    -813.3864     653.509
     towfe96 |   412.5074    381.608     1.08   0.281    -338.3153     1163.33
     towfe97 |  (omitted)
     towfe98 |    124.807   377.0005     0.33   0.741    -616.9503    866.5643
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |   115.4369   373.2299     0.31   0.757    -618.9018    849.7756
    towfe103 |   161.2676   372.7271     0.43   0.666    -572.0818     894.617
    towfe104 |  (omitted)
    towfe105 |   184.5151    373.294     0.49   0.621    -549.9495    918.9798
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |   43.63861   373.2227     0.12   0.907    -690.6858     777.963
    towfe111 |   160.8479   371.9826     0.43   0.666    -571.0366    892.7324
    towfe112 |   80.28244    375.738     0.21   0.831    -658.9909    819.5558
    towfe113 |   114.5908   373.0833     0.31   0.759    -619.4594    848.6409
    towfe114 |  -26.22597   372.8128    -0.07   0.944    -759.7439    707.2919
    towfe115 |   185.4337   372.1535     0.50   0.619    -546.7872    917.6545
    towfe116 |   177.8222   373.6008     0.48   0.634    -557.2461    912.8905
    towfe117 |   65.78385   372.9158     0.18   0.860    -667.9367    799.5044
    towfe118 |   129.6318   372.4263     0.35   0.728    -603.1258    862.3893
    towfe119 |   267.5927    373.713     0.72   0.474    -467.6964    1002.882
    towfe120 |   167.0411   375.0797     0.45   0.656    -570.9371    905.0192
    towfe121 |   172.4036   371.9817     0.46   0.643    -559.4792    904.2864
    towfe122 |    139.225    376.109     0.37   0.712    -600.7782    879.2283
    towfe123 |  -41.84061    373.011    -0.11   0.911    -775.7486    692.0674
    towfe124 |   52.04702   372.4732     0.14   0.889    -680.8028    784.8969
    towfe125 |   226.0772   372.7251     0.61   0.545    -507.2683    959.4227
    towfe126 |   115.1086    372.477     0.31   0.757    -617.7486    847.9658
    towfe127 |  (omitted)
    towfe128 |   80.46993   372.9518     0.22   0.829    -653.3216    814.2614
    towfe129 |   12.47147   373.0468     0.03   0.973    -721.5069    746.4499
    towfe130 |  -277.9869   375.3947    -0.74   0.460    -1016.585     460.611
    towfe131 |   138.3009   372.5539     0.37   0.711    -594.7077    871.3096
    towfe132 |   160.5007   372.9147     0.43   0.667    -573.2178    894.2191
    towfe133 |   318.5694    373.778     0.85   0.395    -416.8477    1053.987
    towfe134 |   62.93681   373.0603     0.17   0.866     -671.068    796.9417
    towfe135 |    179.877   378.7683     0.47   0.635    -565.3585    925.1126
    towfe136 |  (omitted)
    towfe137 |   143.0262   372.7102     0.38   0.701    -590.2899    876.3423
    towfe138 |   230.8153   372.5551     0.62   0.536    -502.1956    963.8263
    towfe139 |   201.0998   373.4144     0.54   0.591    -533.6018    935.8015
    towfe140 |  (omitted)
    towfe141 |   317.6515    376.001     0.84   0.399    -422.1394    1057.442
    towfe142 |  -47.99528    373.171    -0.13   0.898    -782.2179    686.2274
    towfe143 |   24.58673   372.5704     0.07   0.947    -708.4542    757.6277
    towfe144 |   3.562926   379.1235     0.01   0.993    -742.3716    749.4974
    towfe145 |   108.3767   372.3061     0.29   0.771    -624.1442    840.8976
    towfe146 |   107.0365   374.0002     0.29   0.775    -628.8177    842.8907
    towfe147 |   9.966689   373.0451     0.03   0.979    -724.0083    743.9416
    towfe148 |   116.6561   373.5411     0.31   0.755    -618.2948     851.607
    towfe149 |  (omitted)
    towfe150 |  -34.83048   383.4844    -0.09   0.928    -789.3451    719.6841
    towfe151 |   130.1837   372.9853     0.35   0.727    -603.6737    864.0411
    towfe152 |   118.4892   373.2594     0.32   0.751    -615.9075    852.8859
    towfe153 |   183.6061   372.9312     0.49   0.623    -550.1449     917.357
    towfe154 |  (omitted)
    towfe155 |     29.284   374.2684     0.08   0.938     -707.098     765.666
    towfe156 |   -.701342   373.4604    -0.00   0.999    -735.4934    734.0907
    towfe157 |   116.6534   373.1328     0.31   0.755    -617.4941     850.801
    towfe158 |   104.6844   369.9443     0.28   0.777    -623.1897    832.5584
    towfe159 |   171.6294   358.1904     0.48   0.632    -533.1187    876.3775
    towfe160 |   267.0568   372.5121     0.72   0.474    -465.8695    999.9831
    towfe161 |   253.0334    372.942     0.68   0.498    -480.7389    986.8057
    towfe162 |   540.3505    375.841     1.44   0.152    -199.1254    1279.826
    towfe163 |  (omitted)
    towfe164 |   179.6575   372.9374     0.48   0.630    -554.1056    913.4205
    towfe165 |   171.5618   372.2679     0.46   0.645    -560.8841    904.0077
    towfe166 |    48.5298   374.5931     0.13   0.897    -688.4909    785.5505
    towfe167 |  (omitted)
    towfe168 |      168.7   377.3093     0.45   0.655     -573.665     911.065
    towfe169 |  -33.76993   372.9456    -0.09   0.928    -767.5492    700.0094
    towfe170 |   251.6418   374.0403     0.67   0.502    -484.2912    987.5749
    towfe171 |  -63.10914   372.9482    -0.17   0.866    -796.8935    670.6752
    towfe172 |  -125.0166   373.0143    -0.34   0.738    -858.9311    608.8978
    towfe173 |   119.5222   372.9106     0.32   0.749    -614.1882    853.2326
    towfe174 |   12.30049   372.7145     0.03   0.974    -721.0241    745.6251
    towfe175 |   114.7353   372.5115     0.31   0.758    -618.1897    847.6604
    towfe176 |   138.0107   375.8586     0.37   0.714       -601.5    877.5214
    towfe177 |   95.07009   372.8288     0.25   0.799    -638.4794    828.6196
    towfe178 |   41.34656   373.5026     0.11   0.912    -693.5285    776.2216
    towfe179 |  -26.62414   372.9626    -0.07   0.943    -760.4368    707.1885
    towfe180 |   113.4653   378.0411     0.30   0.764    -630.3395    857.2701
    towfe181 |   51.44237   373.2582     0.14   0.890    -682.9519    785.8366
    towfe182 |   83.19116   375.5438     0.22   0.825    -655.7001    822.0824
    towfe183 |   165.7842   373.6566     0.44   0.658    -569.3939    900.9623
    towfe184 |   206.3536   374.9576     0.55   0.582    -531.3844    944.0915
    towfe185 |   37.43483   373.3263     0.10   0.920    -697.0934    771.9631
    towfe186 |  -6.022779   372.4381    -0.02   0.987    -738.8035    726.7579
    towfe187 |  (omitted)
    towfe188 |   199.8516   376.6606     0.53   0.596    -541.2369    940.9402
    towfe189 |  (omitted)
    towfe190 |   147.9938   373.1284     0.40   0.692    -586.1452    882.1328
    towfe191 |   120.6516   372.8261     0.32   0.746    -612.8925    854.1958
    towfe192 |   183.3707   371.7764     0.49   0.622    -548.1082    914.8495
    towfe193 |   111.8214   373.2164     0.30   0.765    -622.4907    846.1335
    towfe194 |  -2.048223   372.5797    -0.01   0.996    -735.1076    731.0112
    towfe195 |    56.5925    374.554     0.15   0.880    -680.3513    793.5363
    towfe196 |   16.25528   375.4295     0.04   0.965    -722.4111    754.9217
    towfe197 |   95.22133   373.1282     0.26   0.799    -638.9173    829.3599
    towfe198 |    111.603   356.9906     0.31   0.755    -590.7844    813.9904
    towfe199 |   85.23154   376.0956     0.23   0.821    -654.7454    825.2085
    towfe200 |   36.86903   372.4158     0.10   0.921    -695.8678    769.6058
    towfe201 |  (omitted)
    towfe202 |   165.6872   375.4957     0.44   0.659    -573.1093    904.4838
    towfe203 |   101.0793   374.6428     0.27   0.787    -636.0393    838.1978
    towfe204 |   38.46518   372.6425     0.10   0.918    -694.7178    771.6482
    towfe205 |    74.3312   373.6681     0.20   0.842    -660.8696     809.532
    towfe206 |   140.2059   376.5378     0.37   0.710    -600.6412    881.0529
    towfe207 |   375.3223   374.9132     1.00   0.318    -362.3283    1112.973
    towfe208 |   29.56218   372.3493     0.08   0.937    -703.0438    762.1682
    towfe209 |   52.41239   372.3954     0.14   0.888    -680.2842     785.109
    towfe210 |   81.66452   372.9777     0.22   0.827    -652.1779    815.5069
    towfe211 |  -7.313452   372.4723    -0.02   0.984    -740.1615    725.5346
    towfe212 |   127.4637   373.0316     0.34   0.733    -606.4847    861.4121
    towfe213 |   83.48577   372.4715     0.22   0.823    -649.3606    816.3321
    towfe214 |    28.0062   375.3956     0.07   0.941    -710.5935    766.6059
    towfe215 |   -30.9974   372.8861    -0.08   0.934    -764.6597    702.6648
    towfe216 |    94.1983   373.1483     0.25   0.801    -639.9798    828.3763
    towfe217 |  (omitted)
    towfe218 |   128.3067   372.4122     0.34   0.731    -604.4232    861.0365
    towfe219 |   121.8001   374.6219     0.33   0.745    -615.2772    858.8774
    towfe220 |   162.2912   372.9406     0.44   0.664    -571.4782    896.0606
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   143.3536   366.4567     0.39   0.696    -577.6586    864.3659
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |   -1168.83   374.5598    -3.12   0.002    -1905.785    -431.875
    towfe227 |      -1.11   375.3209    -0.00   0.998    -739.5627    737.3427
    towfe228 |  (omitted)
    towfe229 |   97.31971   371.4727     0.26   0.794    -633.5615     828.201
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
       _cons |  -239.1392   318.3526    -0.75   0.453    -865.5054    387.2269
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S3.c_edg_snp_rtot98 = 0
 ( 2)  S3.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   315) =   80.48
            Prob > F =    0.0000

.   * (3) covariates;
.   ivreg                      s3.c_strp_l_rtot    
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98  
>                              c_stnobuild101_rtot `covar'
>                              if admr_200 & balance & year == 101;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F( 15,   145) =   91.81
       Model |  89224870.6    15  5948324.71           Prob > F      =  0.0000
    Residual |  9394359.46   145  64788.6859           R-squared     =  0.9047
-------------+------------------------------           Adj R-squared =  0.8949
       Total |  98619230.1   160  616370.188           Root MSE      =  254.54

------------------------------------------------------------------------------
S3.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S3. |    .998389   .0399347    25.00   0.000     .9194598    1.077318
             |
c_exc_rtot98 |
         S3. |  -.0013194   .0349129    -0.04   0.970    -.0703232    .0676844
             |
c_utax4_r~98 |   .3950054   .3263136     1.21   0.228    -.2499402    1.039951
c_rrev_rt~98 |   .0704317   .3333223     0.21   0.833    -.5883663    .7292298
c_stn~1_rtot |   1.027913   .3419716     3.01   0.003       .35202    1.703806
 sf3_pnwhite |  -481.5572   2079.477    -0.23   0.817     -4591.56    3628.446
   sf3_unemp |   909.9495   1049.518     0.87   0.387     -1164.38    2984.279
    sf3_ppov |  -.4918855   991.9665    -0.00   1.000    -1961.074     1960.09
     sf3_phs |   -506.892   846.6084    -0.60   0.550    -2180.179    1166.395
    sf3_pcol |   80.69262   645.1368     0.13   0.901    -1194.394    1355.779
    sf3_sr95 |   707.9063   407.9523     1.74   0.085     -98.3949    1514.207
      rtot98 |   .0090694   .0324811     0.28   0.780    -.0551283     .073267
     rtot982 |  -1.75e-07   2.48e-06    -0.07   0.944    -5.07e-06    4.72e-06
     sf3_hai |  -.0028558   .0055126    -0.52   0.605    -.0137513    .0080397
     sf3_hmi |  -.0025995   .0062477    -0.42   0.678    -.0149478    .0097487
       _cons |   87.69185   755.9264     0.12   0.908    -1406.366     1581.75
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S3.c_edg_snp_rtot98 = 0
 ( 2)  S3.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   145) =  188.04
            Prob > F =    0.0000

.   * (4) seperate year intercepts by quartile of per-pupil property wealth;
.   ivreg                      s3.c_strp_l_rtot   
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 
>                              c_stnobuild101_rtot *b*yearfe*   
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     483
-------------+------------------------------           F( 16,   466) =  135.10
       Model |   315900931    16  19743808.2           Prob > F      =  0.0000
    Residual |  68102415.5   466  146142.522           R-squared     =  0.8227
-------------+------------------------------           Adj R-squared =  0.8166
       Total |   384003347   482  796687.442           Root MSE      =  382.29

------------------------------------------------------------------------------
S3.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S3. |   1.071067   .0797172    13.44   0.000     .9144177    1.227717
             |
c_exc_rtot98 |
         S3. |   .0129685   .0498409     0.26   0.795    -.0849722    .1109092
             |
c_utax4_r~98 |   .5310192   .4712944     1.13   0.260    -.3951062    1.457145
c_rrev_rt~98 |   .3468974   .4661166     0.74   0.457    -.5690532    1.262848
c_stn~1_rtot |   1.066633    .505737     2.11   0.035     .0728252     2.06044
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  (omitted)
  b1_yearfe6 |  -99.63905    84.9589    -1.17   0.241     -266.589    67.31094
  b1_yearfe7 |  (omitted)
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |   52.17698    84.9589     0.61   0.539     -114.773     219.127
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  (omitted)
 b1_yearfe12 |  -307.3739   182.4782    -1.68   0.093    -665.9559    51.20799
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |  (omitted)
  b2_yearfe6 |  -183.4516   85.48173    -2.15   0.032     -351.429   -15.47421
  b2_yearfe7 |  (omitted)
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |   84.24924   85.48173     0.99   0.325    -83.72815    252.2266
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  (omitted)
 b2_yearfe12 |  -334.2531   180.6192    -1.85   0.065     -689.182    20.67589
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  (omitted)
  b3_yearfe6 |   -159.216   85.48173    -1.86   0.063    -327.1934      8.7614
  b3_yearfe7 |  (omitted)
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |   51.30411   85.48173     0.60   0.549    -116.6733    219.2815
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  (omitted)
 b3_yearfe12 |  -330.5342   162.6116    -2.03   0.043     -650.077   -10.99138
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |  (omitted)
  b4_yearfe6 |  (omitted)
  b4_yearfe7 |  (omitted)
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |  -81.08861   85.48173    -0.95   0.343     -249.066    86.88878
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |  (omitted)
 b4_yearfe12 |  -211.3718   113.8399    -1.86   0.064    -435.0748     12.3313
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
       _cons |   97.25596   60.44471     1.61   0.108    -21.52199    216.0339
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S3.c_edg_snp_rtot98 = 0
 ( 2)  S3.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   466) =   50.75
            Prob > F =    0.0000

.   * (5) ldp;
.   ivreg                      s3.c_strp_l_rtot    
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 l6.c_l_ass_sch_rtot  
>                              c_stnobuild101_rtot yearfe*  
>                              if admr_200 & balance;

Instrumental variables (2SLS) regression

      Source |       SS       df       MS              Number of obs =     322
-------------+------------------------------           F(  7,   314) =  371.03
       Model |   241776890     7  34539555.7           Prob > F      =  0.0000
    Residual |  29230843.4   314   93091.858           R-squared     =  0.8921
-------------+------------------------------           Adj R-squared =  0.8897
       Total |   271007733   321  844260.851           Root MSE      =  305.11

------------------------------------------------------------------------------
S3.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_e~p_rtot98 |
         S3. |   .9853529   .0405733    24.29   0.000      .905523    1.065183
             |
c_exc_rtot98 |
         S3. |   .0261728   .0398142     0.66   0.511    -.0521636    .1045092
             |
c_utax4_r~98 |   .5272047   .3742902     1.41   0.160    -.2092291    1.263639
c_rrev_rt~98 |    .271138   .3688798     0.74   0.463    -.4546505    .9969265
             |
c_l_ass_sc~t |
         L6. |   -.035818    .013615    -2.63   0.009    -.0626061   -.0090298
             |
c_stn~1_rtot |     1.1917   .4043655     2.95   0.003     .3960919    1.987309
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   195.2551   82.07787     2.38   0.018     33.76301    356.7472
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |    147.105   127.2886     1.16   0.249    -103.3414    397.5514
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   test s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98;

 ( 1)  S3.c_edg_snp_rtot98 = 0
 ( 2)  S3.c_exc_rtot98 = 0
 ( 3)  c_utax4_rtot98 = 0
 ( 4)  c_rrev_rtot98 = 0

       F(  4,   314) =  181.21
            Prob > F =    0.0000

.  **********************;
.  * 3 - IV Appendix A1 *;
.  **********************;
.   * (1);
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild101_rtot  yearfe* s3.lnadm_rtot
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F(  8,   123) =   42.69
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2927
                                                       Root MSE      =  676.82

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.9077773   .0736439   -12.33   0.000    -1.053551   -.7620036
             |
  c_exc_rtot |
         S3. |  -.0986515   .0703699    -1.40   0.163    -.2379445    .0406415
             |
c_utax4_rtot |   .7771612   .8058161     0.96   0.337    -.8179023    2.372225
 c_rrev_rtot |    .017146   .7580046     0.02   0.982    -1.483278     1.51757
c_stn~1_rtot |   1.569152   .8877743     1.77   0.080    -.1881429    3.326447
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |   -357.426   164.1388    -2.18   0.031    -682.3287   -32.52326
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -364.8889   186.0296    -1.96   0.052    -733.1231    3.345378
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S3. |  -3304.012   639.4816    -5.17   0.000    -4569.826   -2038.197
             |
       _cons |   711.6631   158.9364     4.48   0.000     397.0583    1026.268
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S3.lnadm_rtot S3.c_edg_snp_rtot98
               S3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (2) trends;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot  = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild101_rtot yearfe*  *towfe* s3.lnadm_rtot
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F(  7,   123) =       .
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5003
                                                       Root MSE      =  698.95

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.7962564   .1032229    -7.71   0.000     -1.00058    -.591933
             |
  c_exc_rtot |
         S3. |  -.1007853   .0692658    -1.46   0.148    -.2378927    .0363222
             |
c_utax4_rtot |   .3746096   1.226968     0.31   0.761    -2.054098    2.803317
 c_rrev_rtot |   .3589083   1.194497     0.30   0.764    -2.005526    2.723342
c_stn~1_rtot |   2.188532   1.375586     1.59   0.114    -.5343557     4.91142
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  -77.42536    253.708    -0.31   0.761    -579.6249    424.7741
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -127.7555   210.5916    -0.61   0.545    -544.6088    289.0977
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
      towfe1 |  -285.8668    156.891    -1.82   0.071    -596.4229    24.68927
      towfe2 |  -228.0694   133.7484    -1.71   0.091    -492.8161    36.67733
      towfe3 |  -296.9237   116.9618    -2.54   0.012    -528.4425   -65.40502
      towfe4 |  (omitted)
      towfe5 |  -399.5994   141.1991    -2.83   0.005    -679.0943   -120.1044
      towfe6 |  -184.7512   114.7468    -1.61   0.110    -411.8855    42.38306
      towfe7 |  -389.0346   118.0391    -3.30   0.001    -622.6858   -155.3834
      towfe8 |  -611.6125   148.5557    -4.12   0.000    -905.6694   -317.5556
      towfe9 |  -307.4591   114.5512    -2.68   0.008    -534.2061   -80.71202
     towfe10 |  -310.1221    126.887    -2.44   0.016    -561.2872   -58.95697
     towfe11 |  -319.6048    128.642    -2.48   0.014    -574.2437   -64.96592
     towfe12 |  (omitted)
     towfe13 |  -727.3018   113.9019    -6.39   0.000    -952.7636     -501.84
     towfe14 |  (omitted)
     towfe15 |  (omitted)
     towfe16 |   -765.117   118.2847    -6.47   0.000    -999.2543   -530.9797
     towfe17 |  (omitted)
     towfe18 |  -456.0659   147.9728    -3.08   0.003     -748.969   -163.1629
     towfe19 |  (omitted)
     towfe20 |  (omitted)
     towfe21 |  (omitted)
     towfe22 |   334.6408   130.9963     2.55   0.012     75.34166    593.9399
     towfe23 |  (omitted)
     towfe24 |  -737.1543   114.5844    -6.43   0.000    -963.9672   -510.3414
     towfe25 |  (omitted)
     towfe26 |  -2.942648   120.0767    -0.02   0.980     -240.627    234.7417
     towfe27 |   -927.826   66.68072   -13.91   0.000    -1059.816   -795.8356
     towfe28 |  -354.5119   130.6574    -2.71   0.008    -613.1402   -95.88362
     towfe29 |  -327.9529   135.6586    -2.42   0.017    -596.4808   -59.42507
     towfe30 |  -405.2057    113.781    -3.56   0.001    -630.4281   -179.9832
     towfe31 |   -277.466   147.8029    -1.88   0.063    -570.0327    15.10065
     towfe32 |   572.2722   184.2315     3.11   0.002     207.5973    936.9472
     towfe33 |  -346.8922   114.2514    -3.04   0.003    -573.0458   -120.7386
     towfe34 |  (omitted)
     towfe35 |  (omitted)
     towfe36 |   -45.7769     125.22    -0.37   0.715    -293.6423    202.0885
     towfe37 |  -680.3356   121.8345    -5.58   0.000    -921.4995   -439.1718
     towfe38 |  -333.5475   140.7413    -2.37   0.019    -612.1363   -54.95867
     towfe39 |  -328.0177   115.1619    -2.85   0.005    -555.9737   -100.0617
     towfe40 |  (omitted)
     towfe41 |  (omitted)
     towfe42 |  (omitted)
     towfe43 |  -314.5766   113.3981    -2.77   0.006    -539.0412   -90.11189
     towfe44 |  (omitted)
     towfe45 |  (omitted)
     towfe46 |  (omitted)
     towfe47 |  (omitted)
     towfe48 |  -145.8552   115.2678    -1.27   0.208    -374.0206    82.31031
     towfe49 |  -2.474039   136.0602    -0.02   0.986    -271.7969    266.8489
     towfe50 |  -339.7726   136.2238    -2.49   0.014    -609.4194   -70.12587
     towfe51 |  -964.4176   150.8946    -6.39   0.000    -1263.104   -665.7309
     towfe52 |  -55.69027   129.4546    -0.43   0.668    -311.9378    200.5572
     towfe53 |  -586.6447   133.4264    -4.40   0.000     -850.754   -322.5353
     towfe54 |  (omitted)
     towfe55 |  (omitted)
     towfe56 |  -771.6266   131.5313    -5.87   0.000    -1031.985   -511.2684
     towfe57 |  (omitted)
     towfe58 |  (omitted)
     towfe59 |  (omitted)
     towfe60 |  (omitted)
     towfe61 |  -271.1507   211.8749    -1.28   0.203    -690.5441    148.2428
     towfe62 |  (omitted)
     towfe63 |  -581.0633    113.819    -5.11   0.000     -806.361   -355.7657
     towfe64 |  -469.6395   149.5234    -3.14   0.002     -765.612    -173.667
     towfe65 |  -453.5312   179.5343    -2.53   0.013    -808.9083   -98.15403
     towfe66 |  (omitted)
     towfe67 |  (omitted)
     towfe68 |  (omitted)
     towfe69 |  (omitted)
     towfe70 |  (omitted)
     towfe71 |  (omitted)
     towfe72 |  -537.8643   113.8998    -4.72   0.000     -763.322   -312.4066
     towfe73 |  -499.7857   123.1406    -4.06   0.000    -743.5349   -256.0365
     towfe74 |   105.7049   126.7504     0.83   0.406    -145.1897    356.5996
     towfe75 |  (omitted)
     towfe76 |  (omitted)
     towfe77 |  -482.4685   110.3372    -4.37   0.000    -700.8743   -264.0627
     towfe78 |  (omitted)
     towfe79 |   -479.415   112.8749    -4.25   0.000     -702.844    -255.986
     towfe80 |  -449.1707   131.0335    -3.43   0.001    -708.5436   -189.7979
     towfe81 |  -439.2782   115.1802    -3.81   0.000    -667.2703   -211.2861
     towfe82 |  (omitted)
     towfe83 |  (omitted)
     towfe84 |  (omitted)
     towfe85 |  -816.0262   120.6197    -6.77   0.000    -1054.785   -577.2669
     towfe86 |  (omitted)
     towfe87 |  (omitted)
     towfe88 |  (omitted)
     towfe89 |  -664.1417   117.3734    -5.66   0.000    -896.4751   -431.8084
     towfe90 |  (omitted)
     towfe91 |   61.63352    112.444     0.55   0.585    -160.9424    284.2095
     towfe92 |  (omitted)
     towfe93 |  -216.9898   129.6832    -1.67   0.097    -473.6897    39.71011
     towfe94 |  (omitted)
     towfe95 |  -194.2844   126.5901    -1.53   0.127    -444.8618    56.29291
     towfe96 |  -45.11385    208.004    -0.22   0.829    -456.8449    366.6172
     towfe97 |  (omitted)
     towfe98 |    196.584    135.678     1.45   0.150    -71.98227    465.1503
     towfe99 |  (omitted)
    towfe100 |  (omitted)
    towfe101 |  (omitted)
    towfe102 |  -648.4294   125.0832    -5.18   0.000    -896.0239   -400.8349
    towfe103 |   378.7748   112.9101     3.35   0.001     155.2762    602.2734
    towfe104 |  (omitted)
    towfe105 |  -211.5997   113.3544    -1.87   0.064    -435.9777    12.77835
    towfe106 |  (omitted)
    towfe107 |  (omitted)
    towfe108 |  (omitted)
    towfe109 |  (omitted)
    towfe110 |  -127.4752   157.0856    -0.81   0.419    -438.4165     183.466
    towfe111 |    -693.56   119.4651    -5.81   0.000    -930.0339   -457.0861
    towfe112 |  -254.8113   154.5109    -1.65   0.102    -560.6562    51.03355
    towfe113 |  -750.1637   120.9478    -6.20   0.000    -989.5723    -510.755
    towfe114 |   237.5554   258.9335     0.92   0.361    -274.9876    750.0983
    towfe115 |  -249.1535   110.9019    -2.25   0.026    -468.6769   -29.63007
    towfe116 |   -378.609   128.9109    -2.94   0.004    -633.7802   -123.4378
    towfe117 |  -550.3349    121.692    -4.52   0.000    -791.2167   -309.4532
    towfe118 |   -645.575   122.5695    -5.27   0.000    -888.1938   -402.9563
    towfe119 |  -309.8984   127.6696    -2.43   0.017    -562.6126   -57.18411
    towfe120 |  -130.5144   128.1743    -1.02   0.311    -384.2276    123.1988
    towfe121 |  -29.18858   112.2438    -0.26   0.795    -251.3683    192.9912
    towfe122 |  -143.0465   164.7583    -0.87   0.387    -469.1753    183.0824
    towfe123 |  -393.2369   129.2554    -3.04   0.003      -649.09   -137.3839
    towfe124 |  -18.94742   154.3951    -0.12   0.903     -324.563    286.6681
    towfe125 |  -31.05519   119.6959    -0.26   0.796    -267.9858    205.8754
    towfe126 |  -403.4434   124.0997    -3.25   0.001    -649.0912   -157.7957
    towfe127 |  (omitted)
    towfe128 |  -243.0352   121.7548    -2.00   0.048    -484.0413   -2.029103
    towfe129 |  -277.5594   148.4372    -1.87   0.064    -571.3817    16.26301
    towfe130 |  -663.8865   176.8976    -3.75   0.000    -1014.044   -313.7286
    towfe131 |  -500.4088   120.1594    -4.16   0.000     -738.257   -262.5605
    towfe132 |  -128.5493    142.123    -0.90   0.368     -409.873    152.7745
    towfe133 |  -534.7269   114.8621    -4.66   0.000    -762.0894   -307.3643
    towfe134 |  -325.0869   128.3246    -2.53   0.013    -579.0976   -71.07625
    towfe135 |  -371.1082   173.1971    -2.14   0.034    -713.9413   -28.27508
    towfe136 |  (omitted)
    towfe137 |  -723.9314   122.5711    -5.91   0.000    -966.5534   -481.3094
    towfe138 |  -293.4585   158.3019    -1.85   0.066    -606.8074    19.89045
    towfe139 |  -194.5728   116.8249    -1.67   0.098    -425.8205    36.67497
    towfe140 |  (omitted)
    towfe141 |  -481.2757    129.012    -3.73   0.000    -736.6471   -225.9043
    towfe142 |  -292.5806   120.3526    -2.43   0.016    -530.8112   -54.35001
    towfe143 |  -86.20466   117.1805    -0.74   0.463    -318.1562    145.7469
    towfe144 |   25.65951   183.3568     0.14   0.889    -337.2841    388.6031
    towfe145 |  -742.0743   120.6733    -6.15   0.000    -980.9397   -503.2089
    towfe146 |    73.0298    119.582     0.61   0.543    -163.6754     309.735
    towfe147 |   191.6652    124.699     1.54   0.127    -55.16884    438.4992
    towfe148 |  -474.7506   118.4054    -4.01   0.000    -709.1269   -240.3742
    towfe149 |  (omitted)
    towfe150 |  -572.8114   226.4842    -2.53   0.013    -1021.123   -124.4999
    towfe151 |  -13.84341   133.2327    -0.10   0.917    -277.5693    249.8825
    towfe152 |  -364.2623   124.3028    -2.93   0.004    -610.3121   -118.2125
    towfe153 |   -308.355   154.1156    -2.00   0.048    -613.4174   -3.292678
    towfe154 |  (omitted)
    towfe155 |  -146.2324   141.9456    -1.03   0.305    -427.2051    134.7402
    towfe156 |  -548.8316   128.2937    -4.28   0.000    -802.7812    -294.882
    towfe157 |    112.608   121.7655     0.92   0.357    -128.4192    353.6353
    towfe158 |   307.1385   112.0277     2.74   0.007      85.3866    528.8904
    towfe159 |   339.8207   82.18166     4.13   0.000     177.1471    502.4942
    towfe160 |  -214.4383   110.8394    -1.93   0.055    -433.8381    4.961551
    towfe161 |  -152.3649    112.112    -1.36   0.177    -374.2837    69.55389
    towfe162 |  -430.1602   128.2303    -3.35   0.001    -683.9842   -176.3361
    towfe163 |  (omitted)
    towfe164 |  -745.9371   112.7777    -6.61   0.000    -969.1737   -522.7006
    towfe165 |  -442.9472   127.7341    -3.47   0.001    -695.7891   -190.1053
    towfe166 |  -160.1719   123.8813    -1.29   0.198    -405.3874    85.04358
    towfe167 |  (omitted)
    towfe168 |   55.12883   146.9555     0.38   0.708    -235.7606    346.0183
    towfe169 |  -447.7742   137.0879    -3.27   0.001    -719.1313   -176.4171
    towfe170 |   446.0205    179.879     2.48   0.015     89.96096      802.08
    towfe171 |  -570.1562   121.1806    -4.71   0.000    -810.0258   -330.2867
    towfe172 |   258.6337   213.7615     1.21   0.229    -164.4942    681.7616
    towfe173 |   589.3266   202.1107     2.92   0.004     189.2609    989.3923
    towfe174 |    191.737   127.5018     1.50   0.135    -60.64488    444.1189
    towfe175 |  -255.9713   137.1292    -1.87   0.064    -527.4101    15.46748
    towfe176 |   205.8122   160.7268     1.28   0.203    -112.3366    523.9611
    towfe177 |  -445.1286   117.7563    -3.78   0.000    -678.2199   -212.0374
    towfe178 |  -422.6325    123.631    -3.42   0.001    -667.3526   -177.9124
    towfe179 |  -69.62607   151.7123    -0.46   0.647    -369.9312    230.6791
    towfe180 |   -242.477   152.8312    -1.59   0.115     -544.997    60.04298
    towfe181 |   198.4536   144.0703     1.38   0.171    -86.72468    483.6318
    towfe182 |  -54.84924   141.2975    -0.39   0.699     -334.539    224.8406
    towfe183 |   276.3489   148.4472     1.86   0.065    -17.49328    570.1911
    towfe184 |  -224.2131   152.5818    -1.47   0.144    -526.2393    77.81315
    towfe185 |  -197.9502   116.6771    -1.70   0.092    -428.9054    33.00491
    towfe186 |   402.8441   133.9157     3.01   0.003      137.766    667.9221
    towfe187 |  (omitted)
    towfe188 |   824.6068   258.2356     3.19   0.002     313.4453    1335.768
    towfe189 |  (omitted)
    towfe190 |  -43.53727   120.4581    -0.36   0.718    -281.9767    194.9021
    towfe191 |   325.4295   144.7484     2.25   0.026     38.90899      611.95
    towfe192 |   346.3339   141.2586     2.45   0.016     66.72127    625.9466
    towfe193 |  -231.6829   137.2712    -1.69   0.094    -503.4029    40.03703
    towfe194 |  -122.3397   129.5142    -0.94   0.347    -378.7051    134.0256
    towfe195 |  -126.1022   139.7277    -0.90   0.369    -402.6847    150.4803
    towfe196 |  -413.3226   144.1371    -2.87   0.005    -698.6331   -128.0121
    towfe197 |   -101.469   113.3377    -0.90   0.372    -325.8141    122.8761
    towfe198 |   347.8871   102.3461     3.40   0.001     145.2992     550.475
    towfe199 |  -409.9244    141.409    -2.90   0.004    -689.8349   -130.0139
    towfe200 |   130.4581   161.6293     0.81   0.421    -189.4771    450.3933
    towfe201 |  (omitted)
    towfe202 |   155.3262   155.9174     1.00   0.321    -153.3028    463.9552
    towfe203 |  -135.4306   147.5112    -0.92   0.360      -427.42    156.5588
    towfe204 |  -413.9555   133.4361    -3.10   0.002    -678.0841   -149.8269
    towfe205 |  -196.8079   121.6879    -1.62   0.108    -437.6817    44.06593
    towfe206 |   169.7608   170.5715     1.00   0.322    -167.8751    507.3966
    towfe207 |  -321.8935   119.5189    -2.69   0.008    -558.4738   -85.31311
    towfe208 |  -154.7439   124.3688    -1.24   0.216    -400.9244    91.43652
    towfe209 |  -94.25208   130.5171    -0.72   0.472    -352.6027    164.0985
    towfe210 |  -82.04698   144.5264    -0.57   0.571    -368.1281    204.0341
    towfe211 |  -590.6773    122.419    -4.83   0.000    -832.9982   -348.3564
    towfe212 |  -684.6761   117.0928    -5.85   0.000    -916.4542    -452.898
    towfe213 |  -349.5555   118.0379    -2.96   0.004    -583.2043   -115.9068
    towfe214 |  -516.2939   154.1107    -3.35   0.001    -821.3466   -211.2412
    towfe215 |  -369.5048   126.7337    -2.92   0.004    -620.3664   -118.6433
    towfe216 |   -165.534   152.8212    -1.08   0.281    -468.0342    136.9662
    towfe217 |  (omitted)
    towfe218 |   -201.571   115.9515    -1.74   0.085    -431.0899    27.94782
    towfe219 |  -531.0121   126.4804    -4.20   0.000    -781.3724   -280.6519
    towfe220 |   252.5909   110.5154     2.29   0.024     33.83255    471.3493
    towfe221 |  (omitted)
    towfe222 |  (omitted)
    towfe223 |   472.9968   185.9572     2.54   0.012      104.906    841.0876
    towfe224 |  (omitted)
    towfe225 |  (omitted)
    towfe226 |  -1470.535   212.4016    -6.92   0.000    -1890.971   -1050.099
    towfe227 |  -51.36449   143.9354    -0.36   0.722    -336.2757    233.5468
    towfe228 |  (omitted)
    towfe229 |   416.8824   117.1111     3.56   0.001     185.0682    648.6965
    towfe230 |  (omitted)
    towfe231 |  (omitted)
    towfe232 |  (omitted)
    towfe233 |  (omitted)
    towfe234 |  (omitted)
    towfe235 |  (omitted)
    towfe236 |  (omitted)
    towfe237 |  (omitted)
    towfe238 |  (omitted)
    towfe239 |  (omitted)
    towfe240 |  (omitted)
    towfe241 |  (omitted)
    towfe242 |  (omitted)
    towfe243 |  (omitted)
             |
  lnadm_rtot |
         S3. |  -4584.629   885.0742    -5.18   0.000    -6336.579   -2832.679
             |
       _cons |    762.803   249.6756     3.06   0.003     268.5855     1257.02
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 towfe1 towfe2 towfe3 towfe4 towfe5
               towfe6 towfe7 towfe8 towfe9 towfe10 towfe11 towfe12 towfe13
               towfe14 towfe15 towfe16 towfe17 towfe18 towfe19 towfe20
               towfe21 towfe22 towfe23 towfe24 towfe25 towfe26 towfe27
               towfe28 towfe29 towfe30 towfe31 towfe32 towfe33 towfe34
               towfe35 towfe36 towfe37 towfe38 towfe39 towfe40 towfe41
               towfe42 towfe43 towfe44 towfe45 towfe46 towfe47 towfe48
               towfe49 towfe50 towfe51 towfe52 towfe53 towfe54 towfe55
               towfe56 towfe57 towfe58 towfe59 towfe60 towfe61 towfe62
               towfe63 towfe64 towfe65 towfe66 towfe67 towfe68 towfe69
               towfe70 towfe71 towfe72 towfe73 towfe74 towfe75 towfe76
               towfe77 towfe78 towfe79 towfe80 towfe81 towfe82 towfe83
               towfe84 towfe85 towfe86 towfe87 towfe88 towfe89 towfe90
               towfe91 towfe92 towfe93 towfe94 towfe95 towfe96 towfe97
               towfe98 towfe99 towfe100 towfe101 towfe102 towfe103 towfe104
               towfe105 towfe106 towfe107 towfe108 towfe109 towfe110
               towfe111 towfe112 towfe113 towfe114 towfe115 towfe116
               towfe117 towfe118 towfe119 towfe120 towfe121 towfe122
               towfe123 towfe124 towfe125 towfe126 towfe127 towfe128
               towfe129 towfe130 towfe131 towfe132 towfe133 towfe134
               towfe135 towfe136 towfe137 towfe138 towfe139 towfe140
               towfe141 towfe142 towfe143 towfe144 towfe145 towfe146
               towfe147 towfe148 towfe149 towfe150 towfe151 towfe152
               towfe153 towfe154 towfe155 towfe156 towfe157 towfe158
               towfe159 towfe160 towfe161 towfe162 towfe163 towfe164
               towfe165 towfe166 towfe167 towfe168 towfe169 towfe170
               towfe171 towfe172 towfe173 towfe174 towfe175 towfe176
               towfe177 towfe178 towfe179 towfe180 towfe181 towfe182
               towfe183 towfe184 towfe185 towfe186 towfe187 towfe188
               towfe189 towfe190 towfe191 towfe192 towfe193 towfe194
               towfe195 towfe196 towfe197 towfe198 towfe199 towfe200
               towfe201 towfe202 towfe203 towfe204 towfe205 towfe206
               towfe207 towfe208 towfe209 towfe210 towfe211 towfe212
               towfe213 towfe214 towfe215 towfe216 towfe217 towfe218
               towfe219 towfe220 towfe221 towfe222 towfe223 towfe224
               towfe225 towfe226 towfe227 towfe228 towfe229 towfe230
               towfe231 towfe232 towfe233 towfe234 towfe235 towfe236
               towfe237 towfe238 towfe239 towfe240 towfe241 towfe242
               towfe243 S3.lnadm_rtot S3.c_edg_snp_rtot98 S3.c_exc_rtot98
               c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (3) - covariates;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot  = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild101_rtot yearfe* `covar' s3.lnadm_rtot
>                              if admr_200 & balance & year == 101, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     161
                                                       F( 16,   123) =   22.91
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.5789
                                                       Root MSE      =  628.84

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.9471797   .1082275    -8.75   0.000    -1.161409     -.73295
             |
  c_exc_rtot |
         S3. |  -.0314116   .0848765    -0.37   0.712    -.1994193    .1365962
             |
c_utax4_rtot |   .8907239   .8789187     1.01   0.313    -.8490419     2.63049
 c_rrev_rtot |  -.1782398   .8708681    -0.20   0.838     -1.90207     1.54559
c_stn~1_rtot |   1.978557    .843033     2.35   0.021     .3098248    3.647289
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
 sf3_pnwhite |   2717.724   4586.704     0.59   0.555    -6361.376    11796.82
   sf3_unemp |   167.8918   1853.881     0.09   0.928    -3501.752    3837.536
    sf3_ppov |   4686.971   2084.374     2.25   0.026     561.0811    8812.861
     sf3_phs |  -7.020319   2613.222    -0.00   0.998    -5179.733    5165.692
    sf3_pcol |  -1874.443   1946.986    -0.96   0.338    -5728.383    1979.497
    sf3_sr95 |  -1735.488   1027.355    -1.69   0.094    -3769.074    298.0982
      rtot98 |  -.2020055   .0688747    -2.93   0.004    -.3383389   -.0656722
     rtot982 |    .000012   4.99e-06     2.41   0.018     2.14e-06    .0000219
     sf3_hai |  -.0068092   .0138549    -0.49   0.624    -.0342341    .0206156
     sf3_hmi |   .0397076   .0162519     2.44   0.016     .0075381    .0718772
             |
  lnadm_rtot |
         S3. |  -5618.652   802.2702    -7.00   0.000    -7206.697   -4030.608
             |
       _cons |    561.955   2177.398     0.26   0.797    -3748.071    4871.981
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 sf3_pnwhite sf3_unemp sf3_ppov
               sf3_phs sf3_pcol sf3_sr95 rtot98 rtot982 sf3_hai sf3_hmi
               S3.lnadm_rtot S3.c_edg_snp_rtot98 S3.c_exc_rtot98
               c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (4) - separate year intercepts;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild101_rtot *b*yearfe*  s3.lnadm_rtot
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F( 17,   123) =   28.45
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2972
                                                       Root MSE      =  681.13

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.9576045     .14703    -6.51   0.000    -1.248641   -.6665677
             |
  c_exc_rtot |
         S3. |  -.1129961   .0746853    -1.51   0.133    -.2608311     .034839
             |
c_utax4_rtot |     .93432   .8609618     1.09   0.280    -.7699011    2.638541
 c_rrev_rtot |  -.2203309   .7497562    -0.29   0.769    -1.704427    1.263766
c_stn~1_rtot |   1.740638   .8658673     2.01   0.047     .0267067    3.454569
  b1_yearfe1 |  (omitted)
  b1_yearfe2 |  (omitted)
  b1_yearfe3 |  (omitted)
  b1_yearfe4 |  (omitted)
  b1_yearfe5 |  (omitted)
  b1_yearfe6 |  -783.8673   285.2082    -2.75   0.007    -1348.419   -219.3152
  b1_yearfe7 |  (omitted)
  b1_yearfe8 |  (omitted)
  b1_yearfe9 |  -866.4273    437.727    -1.98   0.050    -1732.881    .0264135
 b1_yearfe10 |  (omitted)
 b1_yearfe11 |  (omitted)
 b1_yearfe12 |  (omitted)
 b1_yearfe13 |  (omitted)
 b1_yearfe14 |  (omitted)
 b1_yearfe15 |  (omitted)
  b2_yearfe1 |  (omitted)
  b2_yearfe2 |  (omitted)
  b2_yearfe3 |  (omitted)
  b2_yearfe4 |  (omitted)
  b2_yearfe5 |  (omitted)
  b2_yearfe6 |  -652.4509   333.9314    -1.95   0.053    -1313.448    8.545947
  b2_yearfe7 |  (omitted)
  b2_yearfe8 |  (omitted)
  b2_yearfe9 |  -519.8547   288.7875    -1.80   0.074    -1091.492    51.78252
 b2_yearfe10 |  (omitted)
 b2_yearfe11 |  (omitted)
 b2_yearfe12 |  -234.0676   126.2155    -1.85   0.066    -483.9035    15.76826
 b2_yearfe13 |  (omitted)
 b2_yearfe14 |  (omitted)
 b2_yearfe15 |  (omitted)
  b3_yearfe1 |  (omitted)
  b3_yearfe2 |  (omitted)
  b3_yearfe3 |  (omitted)
  b3_yearfe4 |  (omitted)
  b3_yearfe5 |  (omitted)
  b3_yearfe6 |  -651.6002   305.9776    -2.13   0.035    -1257.264   -45.93628
  b3_yearfe7 |  (omitted)
  b3_yearfe8 |  (omitted)
  b3_yearfe9 |  -585.7078   321.2987    -1.82   0.071    -1221.699    50.28331
 b3_yearfe10 |  (omitted)
 b3_yearfe11 |  (omitted)
 b3_yearfe12 |  -316.1823   162.1425    -1.95   0.053    -637.1335    4.768919
 b3_yearfe13 |  (omitted)
 b3_yearfe14 |  (omitted)
 b3_yearfe15 |  (omitted)
  b4_yearfe1 |  (omitted)
  b4_yearfe2 |  (omitted)
  b4_yearfe3 |  (omitted)
  b4_yearfe4 |  (omitted)
  b4_yearfe5 |  (omitted)
  b4_yearfe6 |  -438.9928   271.2493    -1.62   0.108    -975.9142    97.92859
  b4_yearfe7 |  (omitted)
  b4_yearfe8 |  (omitted)
  b4_yearfe9 |  -557.3371   312.9533    -1.78   0.077    -1176.809    62.13476
 b4_yearfe10 |  (omitted)
 b4_yearfe11 |  (omitted)
 b4_yearfe12 |  -238.7737   251.8842    -0.95   0.345     -737.363    259.8156
 b4_yearfe13 |  (omitted)
 b4_yearfe14 |  (omitted)
 b4_yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S3. |  -3326.915   636.0751    -5.23   0.000    -4585.987   -2067.844
             |
       _cons |   987.9311   302.1787     3.27   0.001     389.7869    1586.075
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot b1_yearfe1 b1_yearfe2 b1_yearfe3
               b1_yearfe4 b1_yearfe5 b1_yearfe6 b1_yearfe7 b1_yearfe8
               b1_yearfe9 b1_yearfe10 b1_yearfe11 b1_yearfe12 b1_yearfe13
               b1_yearfe14 b1_yearfe15 b2_yearfe1 b2_yearfe2 b2_yearfe3
               b2_yearfe4 b2_yearfe5 b2_yearfe6 b2_yearfe7 b2_yearfe8
               b2_yearfe9 b2_yearfe10 b2_yearfe11 b2_yearfe12 b2_yearfe13
               b2_yearfe14 b2_yearfe15 b3_yearfe1 b3_yearfe2 b3_yearfe3
               b3_yearfe4 b3_yearfe5 b3_yearfe6 b3_yearfe7 b3_yearfe8
               b3_yearfe9 b3_yearfe10 b3_yearfe11 b3_yearfe12 b3_yearfe13
               b3_yearfe14 b3_yearfe15 b4_yearfe1 b4_yearfe2 b4_yearfe3
               b4_yearfe4 b4_yearfe5 b4_yearfe6 b4_yearfe7 b4_yearfe8
               b4_yearfe9 b4_yearfe10 b4_yearfe11 b4_yearfe12 b4_yearfe13
               b4_yearfe14 b4_yearfe15 S3.lnadm_rtot S3.c_edg_snp_rtot98
               S3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   * (5) ldp;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot c_utax4_rtot     c_rrev_rtot   l3s3.c_l_ass_sch_rtot = 
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98 l6.c_l_ass_sch_rtot)  
>                              c_stnobuild101_rtot yearfe*  s3.lnadm_rtot 
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     322
                                                       F(  8,   123) =   31.77
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.1680
                                                       Root MSE      =  773.32

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.8226323   .0958814    -8.58   0.000    -1.012424   -.6328408
             |
  c_exc_rtot |
         S3. |  -.1116445   .0873268    -1.28   0.203    -.2845024    .0612135
             |
c_utax4_rtot |   .3991906   1.114831     0.36   0.721     -1.80755    2.605931
 c_rrev_rtot |  -.3240263   .9988498    -0.32   0.746    -2.301188    1.653136
             |
c_l_ass_sc~t |
       L3S3. |   .5372679   .3723775     1.44   0.152    -.1998305    1.274366
             |
c_stn~1_rtot |    2.42359   1.174912     2.06   0.041     .0979234    4.749257
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -289.9431   183.6159    -1.58   0.117    -653.3996    73.51328
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
  lnadm_rtot |
         S3. |  -3152.283   880.2362    -3.58   0.000    -4894.657    -1409.91
             |
       _cons |   551.8235   191.5648     2.88   0.005     172.6327    931.0142
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
               L3S3.c_l_ass_sch_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S3.lnadm_rtot S3.c_edg_snp_rtot98
               S3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
               L6.c_l_ass_sch_rtot
------------------------------------------------------------------------------

.  ******************************;
.  * Robustness Check - Table 6 *;
.  ******************************;
.   restore;

.   preserve;

.   for num 89 91 93 95 97 99 101 103 : drop if year == X;

->  drop if year == 89
(0 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 95
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 101
(242 observations deleted)

->  drop if year == 103
(241 observations deleted)

.   bysort nhid : egen c = count(c_l_ass_sch_rtot);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         47        2.45        2.45
          3 |         24        1.25        3.70
          5 |          8        0.42        4.12
          6 |      1,840       95.88      100.00
------------+-----------------------------------
      Total |      1,919      100.00

.   gen balance = (c == 6);

.   sort nhid year;

.   * (1) robustness check;
.   ivreg s2.c_l_ass_sch_rtot f2s2.c_edg_snp_rtot f2s2.c_exc_rtot f2.c_utax4_rtot f2.c_rrev_rtot f2.c_stnobuild100_rtot yearfe*  
>         if admr_200 & balance & year <= 98, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     480
                                                       F(  7,   123) =    0.62
                                                       Prob > F      =  0.7352
                                                       R-squared     =  0.0109
                                                       Root MSE      =  506.21

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_edg_snp_~t |
       F2S2. |  -.0192046   .0553396    -0.35   0.729     -.128746    .0903367
             |
  c_exc_rtot |
       F2S2. |   .0834307   .0842253     0.99   0.324    -.0832882    .2501495
             |
c_utax4_rtot |
         F2. |  -.2099739   .5039165    -0.42   0.678    -1.207446    .7874979
             |
 c_rrev_rtot |
         F2. |   .7982411   .6157759     1.30   0.197    -.4206494    2.017132
             |
c_stn~0_rtot |
         F2. |  -.6254263    1.09733    -0.57   0.570    -2.797524    1.546672
             |
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   15.51787    117.586     0.13   0.895    -217.2364    248.2722
     yearfe6 |  (omitted)
     yearfe7 |  -9.443548   117.6958    -0.08   0.936    -242.4153    223.5282
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   54.17663   102.5954     0.53   0.598    -148.9046    257.2579
------------------------------------------------------------------------------
(no endogenous regressors)
------------------------------------------------------------------------------

.   * (2) reduced form;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_edg_snp_rtot   s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild100_rtot yearfe*  
>                              if admr_200 & balance & year <= 100, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  8,   123) =   66.76
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4481
                                                       Root MSE      =  537.27

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_edg_snp_~t |
         S2. |  -.8383764    .081188   -10.33   0.000    -.9990831   -.6776696
             |
  c_exc_rtot |
         S2. |  -.0209553   .0714689    -0.29   0.770    -.1624237     .120513
             |
c_utax4_rtot |   .6668346   .7777545     0.86   0.393    -.8726828    2.206352
 c_rrev_rtot |   .7074245   .5120337     1.38   0.170    -.3061149    1.720964
c_stn~0_rtot |   .3296318   .8667846     0.38   0.704    -1.386115    2.045379
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   -2.44274   61.60496    -0.04   0.968     -124.386    119.5005
     yearfe6 |  (omitted)
     yearfe7 |  -27.40415   63.45272    -0.43   0.667    -153.0049    98.19661
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |   200.2365    156.975     1.28   0.205    -110.4858    510.9588
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   72.13724   36.07846     2.00   0.048     .7221321    143.5523
------------------------------------------------------------------------------
Instrumented:  S2.c_edg_snp_rtot S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   restore;

.   preserve;

.   tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 90 to 104
                delta:  1 unit

.   sort nhid year;

.    gen l1_c_edg_snp_rtot98 = l1.c_edg_snp_rtot98;
(283 missing values generated)

.   gen l1_c_exc_rtot98     = l1.c_exc_rtot98;
(283 missing values generated)

.   keep if year == 102 | year == 98 | year == 94 | year == 90;
(2643 observations deleted)

.   drop if year > 102;
(0 observations deleted)

.   bysort nhid : egen c = count(c_l_ass_sch_rtot);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         18        1.89        1.89
          2 |         12        1.26        3.14
          3 |        924       96.86      100.00
------------+-----------------------------------
      Total |        954      100.00

.   gen balance = (c == 3);

.   drop c;

.    * (3) - 4th year;
.   ivreg s4.c_l_ass_sch_rtot (s4.c_strp_l_rtot    s4.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              l1_c_edg_snp_rtot98 l1_c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild102_rtot yearfe*
>                              if admr_200 & balance, cluster(d_nhid) first;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     322
-------------+------------------------------           F(  6,   315) =  523.74
       Model |   234448090     6  39074681.6           Prob > F      =  0.0000
    Residual |  23501006.3   315  74606.3692           R-squared     =  0.9089
-------------+------------------------------           Adj R-squared =  0.9072
       Total |   257949096   321  803579.739           Root MSE      =  273.14

------------------------------------------------------------------------------
S4.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |   .4541434    .334973     1.36   0.176     -.204924    1.113211
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   122.2667    70.4073     1.74   0.083    -16.26133    260.7947
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
l1_c_edg_~98 |   .9471677   .0346463    27.34   0.000     .8790003    1.015335
l1_c_exc_~98 |  -.0484563   .0356198    -1.36   0.175    -.1185392    .0216265
c_utax4_r~98 |   .3670564    .343499     1.07   0.286    -.3087859    1.042899
c_rrev_rt~98 |   .7601288   .3356395     2.26   0.024     .0997502    1.420507
       _cons |    5.53095   67.03577     0.08   0.934    -126.3635    137.4254
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     322
-------------+------------------------------           F(  6,   315) = 1101.06
       Model |  95805273.3     6  15967545.5           Prob > F      =  0.0000
    Residual |  4568103.18   315  14501.9148           R-squared     =  0.9545
-------------+------------------------------           Adj R-squared =  0.9536
       Total |   100373376   321  312689.646           Root MSE      =  120.42

------------------------------------------------------------------------------
S4.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |  -.3674226   .1476844    -2.49   0.013     -.657995   -.0768501
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   59.73203   31.04148     1.92   0.055    -1.342812    120.8069
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
l1_c_edg_~98 |   .0409516    .015275     2.68   0.008     .0108977    .0710055
l1_c_exc_~98 |   1.095138   .0157042    69.74   0.000      1.06424    1.126037
c_utax4_r~98 |   .3185489   .1514433     2.10   0.036     .0205806    .6165172
c_rrev_rt~98 |  -.1022056   .1479782    -0.69   0.490    -.3933562    .1889451
       _cons |  -59.73203   29.55502    -2.02   0.044    -117.8822   -1.581824
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     322
-------------+------------------------------           F(  6,   315) = 5277.80
       Model |  993719.328     6  165619.888           Prob > F      =  0.0000
    Residual |  9884.84147   315  31.3804491           R-squared     =  0.9902
-------------+------------------------------           Adj R-squared =  0.9900
       Total |  1003604.17   321  3126.49274           Root MSE      =  5.6018

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |  -.0113878   .0068699    -1.66   0.098    -.0249045    .0021289
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   4.682093   1.443974     3.24   0.001      1.84104    7.523145
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
l1_c_edg_~98 |   .0003052   .0007106     0.43   0.668    -.0010928    .0017032
l1_c_exc_~98 |   .0002431   .0007305     0.33   0.739    -.0011942    .0016804
c_utax4_r~98 |   .9953962   .0070448   141.30   0.000     .9815355    1.009257
c_rrev_rt~98 |    .046821   .0068836     6.80   0.000     .0332774    .0603646
       _cons |  -4.682093   1.374828    -3.41   0.001    -7.387098   -1.977087
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     322
-------------+------------------------------           F(  6,   315) = 5747.51
       Model |  1520379.69     6  253396.615           Prob > F      =  0.0000
    Residual |  13887.7436   315  44.0880749           R-squared     =  0.9909
-------------+------------------------------           Adj R-squared =  0.9908
       Total |  1534267.44   321  4779.64933           Root MSE      =  6.6399

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |    .005822    .008143     0.71   0.475    -.0101994    .0218435
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |     6.1731   1.711553     3.61   0.000      2.80558    9.540621
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
l1_c_edg_~98 |  -.0009162   .0008422    -1.09   0.277    -.0025733    .0007409
l1_c_exc_~98 |  -.0007406   .0008659    -0.86   0.393    -.0024443    .0009631
c_utax4_r~98 |   .0162486   .0083502     1.95   0.053    -.0001807    .0326779
c_rrev_rt~98 |   1.063263   .0081592   130.32   0.000      1.04721    1.079317
       _cons |    -6.1731   1.629593    -3.79   0.000    -9.379363   -2.966837
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     322
                                                       F(  6,   123) =   22.08
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2525
                                                       Root MSE      =  762.38

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S4.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S4. |  -.9079462   .1232622    -7.37   0.000    -1.151936   -.6639562
             |
  c_exc_rtot |
         S4. |  -.0704648   .1061762    -0.66   0.508    -.2806341    .1397044
             |
c_utax4_rtot |     .28369   .9095566     0.31   0.756    -1.516721    2.084102
 c_rrev_rtot |   .6336305   .7319147     0.87   0.388    -.8151497    2.082411
c_stn~2_rtot |   1.426516   .9631245     1.48   0.141    -.4799294    3.332962
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -729.2351    271.379    -2.69   0.008    -1266.413   -192.0571
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   962.7696   249.4972     3.86   0.000     468.9051    1456.634
------------------------------------------------------------------------------
Instrumented:  S4.c_strp_l_rtot S4.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild102_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 l1_c_edg_snp_rtot98
               l1_c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.   tab year if e(sample);

fiscal year |      Freq.     Percent        Cum.
------------+-----------------------------------
         98 |        161       50.00       50.00
        102 |        161       50.00      100.00
------------+-----------------------------------
      Total |        322      100.00

.   * (4) - 4th year with covariates;
.   ivreg s4.c_l_ass_sch_rtot (s4.c_strp_l_rtot    s4.c_exc_rtot   c_utax4_rtot   c_rrev_rtot  = 
>                              l1_c_edg_snp_rtot98 l1_c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild102_rtot yearfe* 
>                              `covar'
>                              if admr_200 & balance & year == 102, cluster(d_nhid) first;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F( 15,   145) =   72.26
       Model |  82828955.1    15  5521930.34           Prob > F      =  0.0000
    Residual |  11080673.3   145  76418.4368           R-squared     =  0.8820
-------------+------------------------------           Adj R-squared =  0.8698
       Total |  93909628.5   160  586935.178           Root MSE      =  276.44

------------------------------------------------------------------------------
S4.          |
c_str~l_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |   .3786622   .3462367     1.09   0.276    -.3056607    1.062985
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
 sf3_pnwhite |  -1590.347   2259.146    -0.70   0.483    -6055.458    2874.763
   sf3_unemp |   12.72085   1140.273     0.01   0.991    -2240.982    2266.424
    sf3_ppov |   934.6285   1070.872     0.87   0.384    -1181.907    3051.164
     sf3_phs |  -1234.281   920.2368    -1.34   0.182    -3053.092    584.5297
    sf3_pcol |  -432.1601   700.1455    -0.62   0.538    -1815.969    951.6492
    sf3_sr95 |   336.5484   443.2723     0.76   0.449    -539.5614    1212.658
      rtot98 |   .0129105   .0352377     0.37   0.715    -.0567353    .0825563
     rtot982 |  -4.91e-07   2.69e-06    -0.18   0.855    -5.80e-06    4.82e-06
     sf3_hai |  -.0052305   .0060351    -0.87   0.388    -.0171585    .0066976
     sf3_hmi |    .002545   .0068268     0.37   0.710     -.010948     .016038
l1_c_edg_~98 |    .928705   .0433676    21.41   0.000     .8429908    1.014419
l1_c_exc_~98 |  -.0527679   .0380601    -1.39   0.168     -.127992    .0224563
c_utax4_r~98 |   .2710523     .36251     0.75   0.456    -.4454341    .9875387
c_rrev_rt~98 |   .3667437   .3697021     0.99   0.323    -.3639575    1.097445
       _cons |   903.3711   821.1726     1.10   0.273    -719.6433    2526.385
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F( 15,   145) =  224.08
       Model |  93833864.9    15     6255591           Prob > F      =  0.0000
    Residual |  4047878.79   145  27916.4055           R-squared     =  0.9586
-------------+------------------------------           Adj R-squared =  0.9544
       Total |  97881743.7   160  611760.898           Root MSE      =  167.08

------------------------------------------------------------------------------
S4.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |  -.3312418   .2092685    -1.58   0.116    -.7448524    .0823688
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
 sf3_pnwhite |   3127.929   1365.447     2.29   0.023     429.1781    5826.681
   sf3_unemp |  -1395.525   689.1908    -2.02   0.045    -2757.683   -33.36756
    sf3_ppov |   1371.781   647.2443     2.12   0.036     92.52843    2651.033
     sf3_phs |   605.7428   556.1991     1.09   0.278    -493.5622    1705.048
    sf3_pcol |   206.2275    423.174     0.49   0.627    -630.1588    1042.614
    sf3_sr95 |   509.8874   267.9176     1.90   0.059    -19.64088    1039.416
      rtot98 |   .0318974    .021298     1.50   0.136    -.0101972    .0739919
     rtot982 |  -3.18e-06   1.62e-06    -1.96   0.052    -6.39e-06    3.20e-08
     sf3_hai |   -.000721   .0036476    -0.20   0.844    -.0079304    .0064884
     sf3_hmi |   .0018475   .0041262     0.45   0.655    -.0063078    .0100027
l1_c_edg_~98 |   .0319235   .0262117     1.22   0.225    -.0198829      .08373
l1_c_exc_~98 |    1.11705   .0230038    48.56   0.000     1.071583    1.162516
c_utax4_r~98 |   .1631741   .2191042     0.74   0.458    -.2698765    .5962247
c_rrev_rt~98 |  -.0939553   .2234511    -0.42   0.675    -.5355974    .3476869
       _cons |  -949.2843   496.3238    -1.91   0.058    -1930.248    31.67967
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F( 15,   145) =  876.67
       Model |  729527.934    15  48635.1956           Prob > F      =  0.0000
    Residual |  8044.16326   145   55.476988           R-squared     =  0.9891
-------------+------------------------------           Adj R-squared =  0.9880
       Total |  737572.097   160   4609.8256           Root MSE      =  7.4483

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |   -.013985   .0093289    -1.50   0.136    -.0324232    .0044532
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
 sf3_pnwhite |   90.71517   60.86976     1.49   0.138    -29.59145    211.0218
   sf3_unemp |  -.6090806   30.72318    -0.02   0.984     -61.3322    60.11404
    sf3_ppov |  -32.11754   28.85326    -1.11   0.267    -89.14484    24.90976
     sf3_phs |  -55.29799   24.79459    -2.23   0.027    -104.3035   -6.292481
    sf3_pcol |  -31.32854   18.86452    -1.66   0.099    -68.61349    5.956416
    sf3_sr95 |   33.95278    11.9434     2.84   0.005     10.34713    57.55843
      rtot98 |   .0010247   .0009494     1.08   0.282    -.0008518    .0029012
     rtot982 |  -1.03e-07   7.24e-08    -1.42   0.158    -2.46e-07    4.03e-08
     sf3_hai |  -.0000375   .0001626    -0.23   0.818    -.0003589    .0002839
     sf3_hmi |  -.0002382   .0001839    -1.29   0.197    -.0006017    .0001254
l1_c_edg_~98 |  -.0007151   .0011685    -0.61   0.542    -.0030245    .0015944
l1_c_exc_~98 |  -.0000272   .0010255    -0.03   0.979     -.002054    .0019996
c_utax4_r~98 |    .984211   .0097674   100.77   0.000     .9649062    1.003516
c_rrev_rt~98 |   .0337045   .0099611     3.38   0.001     .0140167    .0533923
       _cons |   34.20936   22.12543     1.55   0.124     -9.52067    77.93938
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F( 15,   145) =  700.93
       Model |  852727.027    15  56848.4684           Prob > F      =  0.0000
    Residual |  11760.1275   145  81.1043277           R-squared     =  0.9864
-------------+------------------------------           Adj R-squared =  0.9850
       Total |  864487.154   160  5403.04471           Root MSE      =  9.0058

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~2_rtot |  -.0002869   .0112797    -0.03   0.980    -.0225807    .0220069
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
 sf3_pnwhite |  -24.36548    73.5982    -0.33   0.741    -169.8293    121.0984
   sf3_unemp |  -32.55285   37.14768    -0.88   0.382    -105.9737    40.86804
    sf3_ppov |  -28.30463   34.88675    -0.81   0.419    -97.25687    40.64762
     sf3_phs |  -56.57481   29.97937    -1.89   0.061    -115.8278    2.678209
    sf3_pcol |  -26.17083   22.80926    -1.15   0.253    -71.25242    18.91075
    sf3_sr95 |   27.72384   14.44088     1.92   0.057    -.8179668    56.26565
      rtot98 |   .0002303    .001148     0.20   0.841    -.0020386    .0024992
     rtot982 |  -1.58e-08   8.75e-08    -0.18   0.857    -1.89e-07    1.57e-07
     sf3_hai |  -.0001947   .0001966    -0.99   0.324    -.0005833    .0001939
     sf3_hmi |  -.0001132   .0002224    -0.51   0.612    -.0005528    .0003264
l1_c_edg_~98 |  -.0024748   .0014128    -1.75   0.082    -.0052672    .0003176
l1_c_exc_~98 |   -.001284   .0012399    -1.04   0.302    -.0037347    .0011666
c_utax4_r~98 |   .0067637   .0118098     0.57   0.568    -.0165779    .0301053
c_rrev_rt~98 |   1.050147   .0120441    87.19   0.000     1.026343    1.073952
       _cons |   44.34391   26.75207     1.66   0.100    -8.530475    97.21829
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     161
                                                       F( 15,   123) =    7.43
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4001
                                                       Root MSE      =  830.96

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S4.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S4. |  -1.010528   .1558795    -6.48   0.000    -1.319082   -.7019738
             |
  c_exc_rtot |
         S4. |  -.0545823   .1008796    -0.54   0.589    -.2542674    .1451027
             |
c_utax4_rtot |   -.108808   .8260131    -0.13   0.895     -1.74385    1.526234
 c_rrev_rtot |  -.1432593     .88836    -0.16   0.872    -1.901713    1.615195
c_stn~2_rtot |   1.059335    1.03759     1.02   0.309    -.9945109    3.113181
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
 sf3_pnwhite |   1612.327   6438.595     0.25   0.803    -11132.48    14357.13
   sf3_unemp |  -1914.331   2130.774    -0.90   0.371    -6132.068    2303.406
    sf3_ppov |   4508.494   3218.832     1.40   0.164    -1862.987    10879.97
     sf3_phs |  -3000.928   2803.348    -1.07   0.286    -8549.982    2548.127
    sf3_pcol |  -2329.671   1994.084    -1.17   0.245    -6276.839    1617.496
    sf3_sr95 |   281.4661   1426.229     0.20   0.844    -2541.667    3104.599
      rtot98 |  -.1650773   .0911896    -1.81   0.073    -.3455815    .0154269
     rtot982 |   9.36e-06   6.44e-06     1.45   0.149    -3.39e-06    .0000221
     sf3_hai |  -.0175419   .0148418    -1.18   0.240    -.0469203    .0118365
     sf3_hmi |   .0232629    .016926     1.37   0.172     -.010241    .0567668
       _cons |   3313.957    2277.93     1.45   0.148    -1195.065     7822.98
------------------------------------------------------------------------------
Instrumented:  S4.c_strp_l_rtot S4.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild102_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 sf3_pnwhite sf3_unemp sf3_ppov
               sf3_phs sf3_pcol sf3_sr95 rtot98 rtot982 sf3_hai sf3_hmi
               l1_c_edg_snp_rtot98 l1_c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.  *************************;
.  * Exstensions - Table 8 *;
.  *************************;
.   * Panel A - Second Year of Reform;
.   restore;

.   preserve;

.   for num 89 91 93 95 97 99 101 103 : drop if year == X;

->  drop if year == 89
(0 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 95
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 101
(242 observations deleted)

->  drop if year == 103
(241 observations deleted)

.   drop if year > 100;
(493 observations deleted)

.   bysort nhid : egen c = count(c_l_ass_sch_rtot);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         24        1.68        1.68
          2 |         16        1.12        2.81
          4 |          6        0.42        3.23
          5 |      1,380       96.77      100.00
------------+-----------------------------------
      Total |      1,426      100.00

.   gen balance = (c == 5);

.   drop c;

.   tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 90 to 100, but with gaps
                delta:  1 unit

.   sort nhid year;

.   * (1);
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_strp_l_st_rtot    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot =
>                              s2.c_edg_snp_rtot98 s2.c_edg_snp_st_rtot98 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              c_stnobuild100_rtot  yearfe*
>                              if admr_200 & type == 1 & balance & nomeet ~= 1, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     284
                                                       F(  9,    70) =   29.03
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.3384
                                                       Root MSE      =  587.07

                                (Std. Err. adjusted for 71 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.9336291   .0994058    -9.39   0.000    -1.131888   -.7353705
             |
c_strp_l_s~t |
         S2. |  -.1829388   .0881604    -2.08   0.042    -.3587692   -.0071084
             |
  c_exc_rtot |
         S2. |  -.1508789   .0830428    -1.82   0.074    -.3165026    .0147448
             |
c_utax4_rtot |   .9510129   1.199366     0.79   0.430    -1.441047    3.343073
 c_rrev_rtot |   .6454211   .7728005     0.84   0.406     -.895881    2.186723
c_stn~0_rtot |   2.391521   .8864556     2.70   0.009     .6235414    4.159501
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |   226.5197    104.214     2.17   0.033     18.67146    434.3679
     yearfe8 |  (omitted)
     yearfe9 |   250.7965   110.1699     2.28   0.026     31.06964    470.5234
    yearfe10 |  (omitted)
    yearfe11 |   494.3061    193.671     2.55   0.013     108.0414    880.5708
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |  -62.60082   84.84077    -0.74   0.463    -231.8104    106.6088
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_strp_l_st_rtot S2.c_exc_rtot
               c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_edg_snp_st_rtot98 S2.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   * (2);
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_exc_rtot   s2.c_strp_l_nm_rtot     c_utax4_rtot        c_rrev_rtot =
>                              s2.c_edg_snp_rtot98 s2.c_exc_rtot98 s2.c_edg_snp_nm_rtot98  c_utax4_rtot98      c_rrev_rtot98) 
>                              c_stnobuild100_rtot yearfe* 
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  9,   123) =   56.04
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.3845
                                                       Root MSE      =  567.86

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.8103962   .0752896   -10.76   0.000    -.9594273   -.6613651
             |
  c_exc_rtot |
         S2. |  -.0769354   .0716639    -1.07   0.285    -.2187896    .0649189
             |
c_strp_l_n~t |
         S2. |  -.0174205   .0719998    -0.24   0.809    -.1599397    .1250987
             |
c_utax4_rtot |   .8605567   .8150425     1.06   0.293      -.75277    2.473883
 c_rrev_rtot |    .542999   .5298199     1.02   0.307     -.505747    1.591745
c_stn~0_rtot |   1.305113   .9434052     1.38   0.169    -.5622996    3.172526
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   27.35528   93.28494     0.29   0.770    -157.2965    212.0071
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   161.7427   84.27827     1.92   0.057    -5.080955    328.5664
    yearfe10 |  (omitted)
    yearfe11 |   197.5318    188.308     1.05   0.296    -175.2122    570.2758
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |    29.7299   59.68779     0.50   0.619    -88.41841    147.8782
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_exc_rtot S2.c_strp_l_nm_rtot
               c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_exc_rtot98 S2.c_edg_snp_nm_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   * (3);
.  * Engel Curve Runs - Table 8;
.   ivreg s2.c_l_ass_sch_rtot (s2.c_strp_l_rtot    s2.c_strp_l_rtot_hmi    s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s2.c_edg_snp_rtot98 s2.c_edg_snp_rtot98_hmi s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>                              c_stnobuild100_rtot yearfe* 
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     640
                                                       F(  9,   123) =   56.45
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.3885
                                                       Root MSE      =  565.99

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S2. |  -.5728874   .1338449    -4.28   0.000    -.8378251   -.3079497
             |
c_strp_l_r~i |
         S2. |  -5.15e-06   2.44e-06    -2.11   0.037    -9.98e-06   -3.13e-07
             |
  c_exc_rtot |
         S2. |  -.0928925    .071613    -1.30   0.197     -.234646     .048861
             |
c_utax4_rtot |   .7412077   .7415129     1.00   0.319    -.7265716    2.208987
 c_rrev_rtot |    .061482    .581624     0.11   0.916    -1.089807    1.212771
c_stn~0_rtot |   1.117103   1.004202     1.11   0.268    -.8706538     3.10486
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  -25.66389   94.47073    -0.27   0.786    -212.6629    161.3351
     yearfe8 |  (omitted)
     yearfe9 |   135.9317   61.73835     2.20   0.030     13.72443     258.139
    yearfe10 |  (omitted)
    yearfe11 |   264.8366   166.5643     1.59   0.114    -64.86718    594.5403
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   56.97099   51.42781     1.11   0.270    -44.82721    158.7692
------------------------------------------------------------------------------
Instrumented:  S2.c_strp_l_rtot S2.c_strp_l_rtot_hmi S2.c_exc_rtot
               c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_edg_snp_rtot98_hmi S2.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   local bmain2 = _b[s2.c_strp_l_rtot];

.   local binte2 = _b[s2.c_strp_l_rtot_hmi];

.   sum sf3_hmi if admr_200 & balance & year == 100, det;

                    census:median income
-------------------------------------------------------------
      Percentiles      Smallest
 1%        31570          29647
 5%      35074.5          31570
10%        36943          32244       Obs                 160
25%        42512          32250       Sum of Wgt.         160

50%      49185.5                      Mean           51677.73
                        Largest       Std. Dev.      12774.14
75%        59806          84392
90%      68712.5          89384       Variance       1.63e+08
95%        74825          92847       Skewness       .8341253
99%        92847          94794       Kurtosis       3.623363

.   disp `bmain2' + (`binte2' * r(p25));
-.79173711

.   disp `bmain2' + (`binte2' * r(p50));
-.82609197

.   disp `bmain2' + (`binte2' * r(p75));
-.88076579

.   * Panel B - Third Year of Response;
.   restore;

.   preserve;

.   for num 88 90 91 93 94 96 97 99 100 102 103 : drop if year == X;

->  drop if year == 88
(0 observations deleted)

->  drop if year == 90
(231 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 94
(241 observations deleted)

->  drop if year == 96
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 100
(241 observations deleted)

->  drop if year == 102
(241 observations deleted)

->  drop if year == 103
(241 observations deleted)

.   drop if year > 101;
(252 observations deleted)

.   bysort nhid : egen c = count(c_l_ass_sch_rtot);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         19        1.99        1.99
          2 |         12        1.26        3.25
          4 |        924       96.75      100.00
------------+-----------------------------------
      Total |        955      100.00

.   gen balance = (c == 4);

.   drop c;

.     tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 92 to 101, but with gaps
                delta:  1 unit

.   sort nhid year;

.    * (4);
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_strp_l_st_rtot    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot =
>                              s3.c_edg_snp_rtot98 s3.c_edg_snp_st_rtot98 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>                              yearfe* c_stnobuild101_rtot
>                              if admr_200 & type == 1 & balance & nomeet ~= 1, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     213
                                                       F(  8,    70) =   13.41
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2170
                                                       Root MSE      =  676.67

                                (Std. Err. adjusted for 71 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.8802015   .1360627    -6.47   0.000     -1.15157    -.608833
             |
c_strp_l_s~t |
         S3. |  -.1266653   .1060991    -1.19   0.237    -.3382733    .0849427
             |
  c_exc_rtot |
         S3. |  -.0847015   .0711763    -1.19   0.238    -.2266581    .0572551
             |
c_utax4_rtot |   .9496505   1.250823     0.76   0.450    -1.545037    3.444338
 c_rrev_rtot |   1.005392   .9025058     1.11   0.269    -.7945987    2.805383
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |   261.7536    116.161     2.25   0.027     30.07785    493.4293
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |   514.0089   220.9904     2.33   0.023     73.25757    954.7603
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
c_stn~1_rtot |    2.01305   1.429147     1.41   0.163    -.8372936    4.863394
       _cons |   10.45814   89.33339     0.12   0.907    -167.7117     188.628
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_strp_l_st_rtot S3.c_exc_rtot
               c_utax4_rtot c_rrev_rtot
Instruments:   yearfe1 yearfe2 yearfe3 yearfe4 yearfe5 yearfe6 yearfe7
               yearfe8 yearfe9 yearfe10 yearfe11 yearfe12 yearfe13 yearfe14
               yearfe15 c_stnobuild101_rtot S3.c_edg_snp_rtot98
               S3.c_edg_snp_st_rtot98 S3.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   * (5);
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_exc_rtot   s3.c_strp_l_nm_rtot     c_utax4_rtot        c_rrev_rtot =
>                              s3.c_edg_snp_rtot98 s3.c_exc_rtot98 s3.c_edg_snp_nm_rtot98  c_utax4_rtot98      c_rrev_rtot98) 
>                              yearfe*  c_stnobuild101_rtot 
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F(  8,   123) =   32.63
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2195
                                                       Root MSE      =  710.98

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.8772645   .0888116    -9.88   0.000    -1.053062   -.7014674
             |
  c_exc_rtot |
         S3. |  -.0899128   .0732331    -1.23   0.222    -.2348733    .0550477
             |
c_strp_l_n~t |
         S3. |  -.0945365   .0903315    -1.05   0.297    -.2733422    .0842692
             |
c_utax4_rtot |   .8521581   .8777291     0.97   0.334    -.8852529    2.589569
 c_rrev_rtot |   .8734864   .7124404     1.23   0.223    -.5367457    2.283718
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  -428.7546   163.8062    -2.62   0.010     -752.999   -104.5103
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -367.0624   225.5308    -1.63   0.106    -813.4868    79.36206
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
c_stn~1_rtot |   1.215146   1.103416     1.10   0.273    -.9689979    3.399289
       _cons |   539.8489   178.3785     3.03   0.003     186.7596    892.9382
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_exc_rtot S3.c_strp_l_nm_rtot
               c_utax4_rtot c_rrev_rtot
Instruments:   yearfe1 yearfe2 yearfe3 yearfe4 yearfe5 yearfe6 yearfe7
               yearfe8 yearfe9 yearfe10 yearfe11 yearfe12 yearfe13 yearfe14
               yearfe15 c_stnobuild101_rtot S3.c_edg_snp_rtot98
               S3.c_exc_rtot98 S3.c_edg_snp_nm_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   * (6) Engel Curve Run;
.   ivreg s3.c_l_ass_sch_rtot (s3.c_strp_l_rtot    s3.c_strp_l_rtot_hmi    s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>                              s3.c_edg_snp_rtot98 s3.c_edg_snp_rtot98_hmi s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)
>                              c_stnobuild101_rtot yearfe* 
>                              if admr_200 & balance, cluster(d_nhid) ;

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F(  8,   123) =   31.86
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.2149
                                                       Root MSE      =  713.07

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_str~l_rtot |
         S3. |  -.6093442   .1703671    -3.58   0.000    -.9465755   -.2721129
             |
c_strp_l_r~i |
         S3. |  -6.13e-06   3.36e-06    -1.82   0.071    -.0000128    5.22e-07
             |
  c_exc_rtot |
         S3. |  -.1079457   .0737301    -1.46   0.146    -.2538899    .0379985
             |
c_utax4_rtot |   .6536396   .7943239     0.82   0.412    -.9186759    2.225955
 c_rrev_rtot |   .2844758   .8528462     0.33   0.739    -1.403681    1.972633
c_stn~1_rtot |   1.445338   1.031921     1.40   0.164    -.5972874    3.487963
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  -526.4188   175.2435    -3.00   0.003    -873.3026    -179.535
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -467.8506   244.1427    -1.92   0.058    -951.1161    15.41493
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   641.5556   195.2504     3.29   0.001     255.0694    1028.042
------------------------------------------------------------------------------
Instrumented:  S3.c_strp_l_rtot S3.c_strp_l_rtot_hmi S3.c_exc_rtot
               c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S3.c_edg_snp_rtot98
               S3.c_edg_snp_rtot98_hmi S3.c_exc_rtot98 c_utax4_rtot98
               c_rrev_rtot98
------------------------------------------------------------------------------

.   local bmain3 = _b[s3.c_strp_l_rtot];

.   local binte3 = _b[s3.c_strp_l_rtot_hmi];

.   sum sf3_hmi if admr_200 & balance & year == 101, det;

                    census:median income
-------------------------------------------------------------
      Percentiles      Smallest
 1%        31570          29647
 5%        34949          31570
10%        36853          32244       Obs                 161
25%        42500          32250       Sum of Wgt.         161

50%        49018                      Mean           51571.55
                        Largest       Std. Dev.      12805.23
75%        59688          84392
90%        68608          89384       Variance       1.64e+08
95%        73302          92847       Skewness       .8329107
99%        92847          94794       Kurtosis       3.613009

.   disp `bmain3' + (`binte3' * r(p25));
-.87006382

.   disp `bmain3' + (`binte3' * r(p50));
-.91004901

.   disp `bmain3' + (`binte3' * r(p75));
-.97550497

.    **************************************;
.  * Other Local Public Goods - Table 7 *;
.  **************************************;
.   **********************;
.   * 2 Year Differences *;
.   **********************;
.   restore;

.   use town_restat, clear;

.   drop if nhid == 2009;
(15 observations deleted)

.  * Seabrook / Nuclear Power situation;
.   drop if nhid == 744;
(15 observations deleted)

.   * Hanover;
.   drop if nhid == 843;
(15 observations deleted)

.   * Orford;
.   for num 89 91 93 95 97 99 101 102 103 : drop if year == X;

->  drop if year == 89
(0 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 95
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 101
(242 observations deleted)

->  drop if year == 102
(241 observations deleted)

->  drop if year == 103
(241 observations deleted)

.   drop if year > 100;
(252 observations deleted)

.   bysort nhid : egen c = count(c_l_ass_sch_sp);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         40        2.81        2.81
          5 |      1,386       97.19      100.00
------------+-----------------------------------
      Total |      1,426      100.00

.   keep if c == 5;
(40 observations deleted)

.   drop c;

.    quietly tab nhid, gen(towfe);

.   tsset nhid year;
       panel variable:  nhid (strongly balanced)
        time variable:  year, 90 to 100, but with gaps
                delta:  1 unit

.   sort nhid year;

.   * (1) differenced;
.   ivreg  s2.c_taxloc_sp (s2.c_edg_snp_sp   s2.c_exc_sp   s2.c_utax4_sp   s2.c_rrev_sp = 
>                          s2.c_edg_snp_sp98 s2.c_exc_sp98 s2.c_utax4_sp98 s2.c_rrev_sp98) 
>                          c_stnobuild100_sp yearfe*  
>                          if admr_200, cluster(d_nhid);

Instrumental variables (2SLS) regression               Number of obs =     644
                                                       F(  8,   123) =   14.46
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.0743
                                                       Root MSE      =  75.508

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
 c_taxloc_sp |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_edg_snp_sp |
         S2. |   .0450775   .0370782     1.22   0.226    -.0283166    .1184716
             |
    c_exc_sp |
         S2. |   -.099036   .0343932    -2.88   0.005    -.1671152   -.0309567
             |
  c_utax4_sp |
         S2. |  -.6590861   .5256803    -1.25   0.212    -1.699638    .3814658
             |
   c_rrev_sp |
         S2. |   .6851325   .3569509     1.92   0.057    -.0214299    1.391695
             |
c_stnob~0_sp |   .4130719   .5732032     0.72   0.472    -.7215487    1.547693
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |   10.46862   10.46299     1.00   0.319    -10.24222    31.17947
     yearfe6 |  (omitted)
     yearfe7 |   4.162806   11.88857     0.35   0.727    -19.36988    27.69549
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |   31.12634   13.76137     2.26   0.025     3.886555    58.36612
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |  -38.37553   8.569424    -4.48   0.000    -55.33818   -21.41288
------------------------------------------------------------------------------
Instrumented:  S2.c_edg_snp_sp S2.c_exc_sp S2.c_utax4_sp S2.c_rrev_sp
Instruments:   c_stnobuild100_sp yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_sp98 S2.c_exc_sp98
               S2.c_utax4_sp98 S2.c_rrev_sp98
------------------------------------------------------------------------------

.   ***********************;
.   * 3 Year Differences  *;
.   ***********************;
.   use town_restat, clear;

.   drop if nhid == 2009;
(15 observations deleted)

.  * Seabrook / Nuclear Power situation;
.   drop if nhid == 744;
(15 observations deleted)

.   * Hanover;
.   drop if nhid == 843;
(15 observations deleted)

.   * Orford;
.   for num 89 90 91 93 94 96 97 99 100 102 103 : drop if year == X;

->  drop if year == 89
(0 observations deleted)

->  drop if year == 90
(231 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 94
(241 observations deleted)

->  drop if year == 96
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 100
(241 observations deleted)

->  drop if year == 102
(241 observations deleted)

->  drop if year == 103
(241 observations deleted)

.   drop if year > 101;
(252 observations deleted)

.   bysort nhid : egen c = count(c_l_ass_sch_sp);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         31        3.25        3.25
          4 |        924       96.75      100.00
------------+-----------------------------------
      Total |        955      100.00

.   keep if c == 4;
(31 observations deleted)

.   drop c;

.      quietly tab nhid, gen(towfe);

.   tsset nhid year;
       panel variable:  nhid (strongly balanced)
        time variable:  year, 92 to 101, but with gaps
                delta:  1 unit

.   sort nhid year;

.   * (1) differenced;
. ;
.   ivreg  s3.c_taxloc_sp (s3.c_edg_snp_sp   s3.c_exc_sp   s3.c_utax4_sp   s3.c_rrev_sp = 
>                          s3.c_edg_snp_sp98 s3.c_exc_sp98 s3.c_utax4_sp98 s3.c_rrev_sp98) 
>                          c_stnobuild101_sp yearfe*  
>                          if admr_200, cluster(d_nhid);

Instrumental variables (2SLS) regression               Number of obs =     483
                                                       F(  7,   123) =   19.40
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.1594
                                                       Root MSE      =  84.881

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
 c_taxloc_sp |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_edg_snp_sp |
         S3. |  -.0224513   .0482314    -0.47   0.642    -.1179224    .0730198
             |
    c_exc_sp |
         S3. |  -.0295998    .072537    -0.41   0.684    -.1731824    .1139828
             |
  c_utax4_sp |
         S3. |   .1733256   .3546723     0.49   0.626    -.5287265    .8753778
             |
   c_rrev_sp |
         S3. |   .3185536   .3027305     1.05   0.295    -.2806828    .9177901
             |
c_stnob~1_sp |  -.8150911    .371797    -2.19   0.030     -1.55104   -.0791419
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  -73.82101   16.70428    -4.42   0.000    -106.8861   -40.75591
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  -92.37765   17.19211    -5.37   0.000    -126.4084   -58.34692
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   32.85176   15.02902     2.19   0.031     3.102741    62.60077
------------------------------------------------------------------------------
Instrumented:  S3.c_edg_snp_sp S3.c_exc_sp S3.c_utax4_sp S3.c_rrev_sp
Instruments:   c_stnobuild101_sp yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S3.c_edg_snp_sp98 S3.c_exc_sp98
               S3.c_utax4_sp98 S3.c_rrev_sp98
------------------------------------------------------------------------------

.   **************************************************;
.   * Continous Engel Estimates - Quartic, Figure 1  *;
.   **************************************************;
.   use town_restat, clear;

.   *eliminate some towns due to data problems - Orford and Hanover are eliminated because they are cross-state districts
>   *and it is unclear what the data includes;
.   drop if nhid == 744;
(15 observations deleted)

.   * Hanover;
.   drop if nhid == 843;
(15 observations deleted)

.   * Orford;
.   drop if nhid == 2009;
(15 observations deleted)

.  * Seabrook - dropped due to uncertainty surrounding the taxing of the nuclear power plant;
.    preserve;

.   for num 89 91 93 95 97 99 101 103 : drop if year == X;

->  drop if year == 89
(0 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 95
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 101
(242 observations deleted)

->  drop if year == 103
(241 observations deleted)

.   drop if year > 100;
(493 observations deleted)

.   by nhid : egen c = count(c_l_ass_sch_rtot);

.   tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         24        1.68        1.68
          2 |         16        1.12        2.81
          4 |          6        0.42        3.23
          5 |      1,380       96.77      100.00
------------+-----------------------------------
      Total |      1,426      100.00

.   gen balance = (c == 5);

.   sort nhid year;

.   tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 90 to 100, but with gaps
                delta:  1 unit

.   * note that figure 1 plots implied offset for the 5th to 95th percentile percentile of median income;
.   sum sf3_hmi if admr_200 & balance & year == 100, det;

                    census:median income
-------------------------------------------------------------
      Percentiles      Smallest
 1%        31570          29647
 5%      35074.5          31570
10%        36943          32244       Obs                 160
25%        42512          32250       Sum of Wgt.         160

50%      49185.5                      Mean           51677.73
                        Largest       Std. Dev.      12774.14
75%        59806          84392
90%      68712.5          89384       Variance       1.63e+08
95%        74825          92847       Skewness       .8341253
99%        92847          94794       Kurtosis       3.623363

.    ivreg s2.c_l_ass_sch_rtot 
>        (s2.c_edg_snp_rtot   s2.c_edg_snp_rtot_hmi1   s2.c_edg_snp_rtot_hmi2   s2.c_edg_snp_rtot_hmi3   s2.c_edg_snp_rtot_hmi4   s2.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>         s2.c_edg_snp_rtot98 s2.c_edg_snp_rtot98_hmi1 s2.c_edg_snp_rtot98_hmi2 s2.c_edg_snp_rtot98_hmi3 s2.c_edg_snp_rtot98_hmi4 s2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98)  
>         c_stnobuild100_rtot yearfe*  
>         if admr_200 & balance & year == 100, cluster(d_nhid) first;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) = 1297.14
       Model |  83921335.8     9  9324592.87           Prob > F      =  0.0000
    Residual |  1078282.71   150  7188.55141           R-squared     =  0.9873
-------------+------------------------------           Adj R-squared =  0.9866
       Total |  84999618.6   159  534588.796           Root MSE      =  84.785

------------------------------------------------------------------------------
S2.          |
c_edg_snp_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.1223359   .1451062    -0.84   0.401    -.4090521    .1643803
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |   1.752352   .8103682     2.16   0.032      .151141    3.353563
             |
c_edg~8_hmi1 |
         S2. |  -.0000547   .0000597    -0.92   0.360    -.0001726    .0000631
             |
c_edg~8_hmi2 |
         S2. |   1.55e-09   1.60e-09     0.97   0.334    -1.61e-09    4.70e-09
             |
c_edg~8_hmi3 |
         S2. |  -1.94e-14   1.84e-14    -1.05   0.293    -5.56e-14    1.69e-14
             |
c_edg~8_hmi4 |
         S2. |   8.75e-20   7.66e-20     1.14   0.255    -6.38e-20    2.39e-19
             |
c_exc_rtot98 |
         S2. |   .0080382   .0112764     0.71   0.477    -.0142429    .0303192
             |
c_utax4_r~98 |   .0289248   .1067561     0.27   0.787    -.1820153    .2398648
c_rrev_rt~98 |  -.0003042   .1085061    -0.00   0.998    -.2147019    .2140935
       _cons |  -20.25191   22.74545    -0.89   0.375    -65.19475    24.69094
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) = 1335.35
       Model |  2.2812e+17     9  2.5347e+16           Prob > F      =  0.0000
    Residual |  2.8472e+15   150  1.8982e+13           R-squared     =  0.9877
-------------+------------------------------           Adj R-squared =  0.9869
       Total |  2.3097e+17   159  1.4526e+15           Root MSE      =  4.4e+06

------------------------------------------------------------------------------
S2.          |
c_edg~t_hmi1 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -9016.712   7456.428    -1.21   0.228    -23749.91    5716.484
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |    42271.4   41641.57     1.02   0.312    -40008.41    124551.2
             |
c_edg~8_hmi1 |
         S2. |  -2.296589    3.06535    -0.75   0.455     -8.35343    3.760251
             |
c_edg~8_hmi2 |
         S2. |   .0000982    .000082     1.20   0.233    -.0000638    .0002603
             |
c_edg~8_hmi3 |
         S2. |  -1.27e-09   9.43e-10    -1.35   0.179    -3.14e-09    5.91e-10
             |
c_edg~8_hmi4 |
         S2. |   5.84e-15   3.94e-15     1.49   0.140    -1.93e-15    1.36e-14
             |
c_exc_rtot98 |
         S2. |   446.7915   579.4474     0.77   0.442    -698.1417    1591.725
             |
c_utax4_r~98 |  -273.6519    5485.77    -0.05   0.960    -11113.01    10565.71
c_rrev_rt~98 |  -183.2825   5575.692    -0.03   0.974    -11200.32    10833.76
       _cons |  -894265.4    1168797    -0.77   0.445     -3203698     1415167
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) = 1953.13
       Model |  1.0261e+27     9  1.1401e+26           Prob > F      =  0.0000
    Residual |  8.7561e+24   150  5.8374e+22           R-squared     =  0.9915
-------------+------------------------------           Adj R-squared =  0.9910
       Total |  1.0349e+27   159  6.5085e+24           Root MSE      =  2.4e+11

------------------------------------------------------------------------------
S2.          |
c_edg~t_hmi2 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -6.34e+08   4.13e+08    -1.53   0.128    -1.45e+09    1.83e+08
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |   3.06e+09   2.31e+09     1.33   0.187    -1.50e+09    7.63e+09
             |
c_edg~8_hmi1 |
         S2. |  -246708.3     169990    -1.45   0.149    -582592.5    89175.88
             |
c_edg~8_hmi2 |
         S2. |   8.434346   4.547954     1.85   0.066    -.5519803    17.42067
             |
c_edg~8_hmi3 |
         S2. |  -.0000961   .0000523    -1.84   0.068    -.0001995    7.24e-06
             |
c_edg~8_hmi4 |
         S2. |   4.37e-10   2.18e-10     2.00   0.047     5.61e-12    8.68e-10
             |
c_exc_rtot98 |
         S2. |   2.70e+07   3.21e+07     0.84   0.401    -3.65e+07    9.05e+07
             |
c_utax4_r~98 |  -1.01e+08   3.04e+08    -0.33   0.741    -7.02e+08    5.00e+08
c_rrev_rt~98 |  -1.71e+07   3.09e+08    -0.06   0.956    -6.28e+08    5.94e+08
       _cons |  -4.44e+10   6.48e+10    -0.68   0.495    -1.72e+11    8.37e+10
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) = 3073.81
       Model |  5.7876e+36     9  6.4307e+35           Prob > F      =  0.0000
    Residual |  3.1381e+34   150  2.0921e+32           R-squared     =  0.9946
-------------+------------------------------           Adj R-squared =  0.9943
       Total |  5.8190e+36   159  3.6598e+34           Root MSE      =  1.4e+16

------------------------------------------------------------------------------
S2.          |
c_edg~t_hmi3 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -4.30e+13   2.48e+13    -1.74   0.084    -9.19e+13    5.91e+12
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |   2.45e+14   1.38e+14     1.78   0.078    -2.77e+13    5.19e+14
             |
c_edg~8_hmi1 |
         S2. |  -1.98e+10   1.02e+10    -1.95   0.053    -3.99e+10    2.87e+08
             |
c_edg~8_hmi2 |
         S2. |   591229.5     272269     2.17   0.031     53251.75     1129207
             |
c_edg~8_hmi3 |
         S2. |  -6.516355   3.132327    -2.08   0.039    -12.70554   -.3271736
             |
c_edg~8_hmi4 |
         S2. |   .0000335   .0000131     2.56   0.011     7.67e-06    .0000593
             |
c_exc_rtot98 |
         S2. |   1.77e+12   1.92e+12     0.92   0.360    -2.03e+12    5.57e+12
             |
c_utax4_r~98 |  -1.00e+13   1.82e+13    -0.55   0.583    -4.60e+13    2.60e+13
c_rrev_rt~98 |  -1.37e+12   1.85e+13    -0.07   0.941    -3.79e+13    3.52e+13
       _cons |  -2.60e+15   3.88e+15    -0.67   0.503    -1.03e+16    5.06e+15
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) = 4611.53
       Model |  3.6005e+46     9  4.0006e+45           Prob > F      =  0.0000
    Residual |  1.3013e+44   150  8.6752e+41           R-squared     =  0.9964
-------------+------------------------------           Adj R-squared =  0.9962
       Total |  3.6135e+46   159  2.2727e+44           Root MSE      =  9.3e+20

------------------------------------------------------------------------------
S2.          |
c_edg~t_hmi4 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -2.83e+18   1.59e+18    -1.78   0.078    -5.98e+18    3.18e+17
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |   1.98e+19   8.90e+18     2.22   0.028     2.18e+18    3.74e+19
             |
c_edg~8_hmi1 |
         S2. |  -1.58e+15   6.55e+14    -2.42   0.017    -2.88e+15   -2.88e+14
             |
c_edg~8_hmi2 |
         S2. |   4.65e+10   1.75e+10     2.65   0.009     1.19e+10    8.11e+10
             |
c_edg~8_hmi3 |
         S2. |  -579420.5   201704.5    -2.87   0.005    -977969.5   -180871.5
             |
c_edg~8_hmi4 |
         S2. |   3.525277   .8413564     4.19   0.000     1.862836    5.187718
             |
c_exc_rtot98 |
         S2. |   1.24e+17   1.24e+17     1.00   0.320    -1.21e+17    3.68e+17
             |
c_utax4_r~98 |  -8.13e+17   1.17e+18    -0.69   0.489    -3.13e+18    1.50e+18
c_rrev_rt~98 |  -9.95e+16   1.19e+18    -0.08   0.934    -2.45e+18    2.26e+18
       _cons |  -1.83e+20   2.50e+20    -0.73   0.464    -6.77e+20    3.10e+20
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) =39875.00
       Model |    73981135     9  8220126.11           Prob > F      =  0.0000
    Residual |  30922.1044   150  206.147363           R-squared     =  0.9996
-------------+------------------------------           Adj R-squared =  0.9996
       Total |  74012057.1   159  465484.636           Root MSE      =  14.358

------------------------------------------------------------------------------
S2.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |   .0264825   .0245728     1.08   0.283     -.022071     .075036
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |  -.0390011   .1372305    -0.28   0.777    -.3101556    .2321533
             |
c_edg~8_hmi1 |
         S2. |   2.60e-06   .0000101     0.26   0.798    -.0000174    .0000226
             |
c_edg~8_hmi2 |
         S2. |  -6.06e-11   2.70e-10    -0.22   0.823    -5.95e-10    4.73e-10
             |
c_edg~8_hmi3 |
         S2. |   6.17e-16   3.11e-15     0.20   0.843    -5.53e-15    6.76e-15
             |
c_edg~8_hmi4 |
         S2. |  -2.27e-21   1.30e-20    -0.18   0.861    -2.79e-20    2.34e-20
             |
c_exc_rtot98 |
         S2. |   .9898206   .0019096   518.35   0.000     .9860475    .9935937
             |
c_utax4_r~98 |  -.0035711   .0180784    -0.20   0.844    -.0392924    .0321502
c_rrev_rt~98 |   .0321381   .0183748     1.75   0.082    -.0041687     .068445
       _cons |  -8.073295    3.85179    -2.10   0.038    -15.68407   -.4625215
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) = 4291.03
       Model |  827383.402     9  91931.4891           Prob > F      =  0.0000
    Residual |  3213.61918   150  21.4241279           R-squared     =  0.9961
-------------+------------------------------           Adj R-squared =  0.9959
       Total |  830597.021   159  5223.88063           Root MSE      =  4.6286

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.0312888   .0079217    -3.95   0.000    -.0469413   -.0156363
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |   .0624223   .0442398     1.41   0.160    -.0249913     .149836
             |
c_edg~8_hmi1 |
         S2. |  -4.28e-06   3.26e-06    -1.31   0.191    -.0000107    2.16e-06
             |
c_edg~8_hmi2 |
         S2. |   1.12e-10   8.71e-11     1.28   0.202    -6.06e-11    2.84e-10
             |
c_edg~8_hmi3 |
         S2. |  -1.29e-15   1.00e-15    -1.29   0.200    -3.27e-15    6.92e-16
             |
c_edg~8_hmi4 |
         S2. |   5.42e-21   4.18e-21     1.30   0.196    -2.84e-21    1.37e-20
             |
c_exc_rtot98 |
         S2. |   .0002636   .0006156     0.43   0.669    -.0009528      .00148
             |
c_utax4_r~98 |   .9997372   .0058281   171.54   0.000     .9882215    1.011253
c_rrev_rt~98 |   .0091919   .0059236     1.55   0.123    -.0025125    .0208964
       _cons |  -.8081372   1.241725    -0.65   0.516    -3.261668    1.645393
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     160
-------------+------------------------------           F(  9,   150) = 2590.98
       Model |  892801.576     9  99200.1751           Prob > F      =  0.0000
    Residual |  5743.01167   150  38.2867445           R-squared     =  0.9936
-------------+------------------------------           Adj R-squared =  0.9932
       Total |  898544.587   159  5651.22382           Root MSE      =  6.1876

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~0_rtot |  -.0092023   .0105898    -0.87   0.386    -.0301268    .0117223
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S2. |   .0850297   .0591406     1.44   0.153    -.0318266     .201886
             |
c_edg~8_hmi1 |
         S2. |  -5.91e-06   4.35e-06    -1.36   0.177    -.0000145    2.69e-06
             |
c_edg~8_hmi2 |
         S2. |   1.54e-10   1.16e-10     1.32   0.189    -7.64e-11    3.84e-10
             |
c_edg~8_hmi3 |
         S2. |  -1.75e-15   1.34e-15    -1.31   0.194    -4.40e-15    8.99e-16
             |
c_edg~8_hmi4 |
         S2. |   7.24e-21   5.59e-21     1.30   0.197    -3.80e-21    1.83e-20
             |
c_exc_rtot98 |
         S2. |   .0004652   .0008229     0.57   0.573    -.0011609    .0020912
             |
c_utax4_r~98 |   .0122977   .0077911     1.58   0.117    -.0030967    .0276921
c_rrev_rt~98 |   1.006603   .0079188   127.12   0.000     .9909562     1.02225
       _cons |  -2.658957   1.659961    -1.60   0.111    -5.938884    .6209694
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     160
                                                       F(  6,   123) =       .
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4835
                                                       Root MSE      =   622.7

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S2.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_edg_snp_~t |
         S2. |   -4.84657   5.017978    -0.97   0.336    -14.77935     5.08621
             |
c_edg~t_hmi1 |
         S2. |   .0003039   .0003673     0.83   0.410    -.0004232     .001031
             |
c_edg~t_hmi2 |
         S2. |  -7.95e-09   9.75e-09    -0.82   0.416    -2.72e-08    1.13e-08
             |
c_edg~t_hmi3 |
         S2. |   8.54e-14   1.11e-13     0.77   0.443    -1.34e-13    3.05e-13
             |
c_edg~t_hmi4 |
         S2. |  -3.22e-19   4.56e-19    -0.71   0.482    -1.23e-18    5.81e-19
             |
  c_exc_rtot |
         S2. |  -.0290074   .0754417    -0.38   0.701    -.1783396    .1203249
             |
c_utax4_rtot |   .5572022   .7643356     0.73   0.467    -.9557533    2.070158
 c_rrev_rtot |   .3396053    .620835     0.55   0.585    -.8892996     1.56851
c_stn~0_rtot |  -.0418951    .906864    -0.05   0.963    -1.836977    1.753187
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   348.1296   189.3377     1.84   0.068    -26.65278    722.9121
------------------------------------------------------------------------------
Instrumented:  S2.c_edg_snp_rtot S2.c_edg_snp_rtot_hmi1
               S2.c_edg_snp_rtot_hmi2 S2.c_edg_snp_rtot_hmi3
               S2.c_edg_snp_rtot_hmi4 S2.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild100_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S2.c_edg_snp_rtot98
               S2.c_edg_snp_rtot98_hmi1 S2.c_edg_snp_rtot98_hmi2
               S2.c_edg_snp_rtot98_hmi3 S2.c_edg_snp_rtot98_hmi4
               S2.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.  foreach fg of numlist 35000(100)75000 {;
  2.   quietly {;
  3.       local `fg'_2 = `fg'^2;
  4.    local `fg'_3 = `fg'^3;
  5.    local `fg'_4 = `fg'^4;
  6.     test ((s2.c_edg_snp_rtot) + (s2.c_edg_snp_rtot_hmi1*`fg') + (s2.c_edg_snp_rtot_hmi2*(``fg'_2')) + (s2.c_edg_snp_rtot_hmi3*(``fg'_3')) + 
>          (s2.c_edg_snp_rtot_hmi4*(``fg'_4'))) = 0;
  7.    local b_`fg'       = ((_b[s2.c_edg_snp_rtot]) + (_b[s2.c_edg_snp_rtot_hmi1]*`fg') + (_b[s2.c_edg_snp_rtot_hmi2]*(``fg'_2')) + 
>                         (_b[s2.c_edg_snp_rtot_hmi3]*(``fg'_3')) + (_b[s2.c_edg_snp_rtot_hmi4]*(``fg'_4')));
  8.    local u95b_`fg'    = `b_`fg'' + 1.96*abs(`b_`fg''/r(F)^.5);
  9.    local l95b_`fg'    = `b_`fg'' - 1.96*abs(`b_`fg''/r(F)^.5);
 10.    };
 11.   disp "`fg' `b_`fg'' `u95b_`fg'' `l95b_`fg''";
 12.   };
35000 -.7679599467206966 -.5679872967361937 -.9679325967051994
35100 -.7673530464121199 -.5686127602086295 -.9660933326156103
35200 -.7667728141370539 -.5692107132937305 -.9643349149803773
35300 -.7662190089339613 -.5697825137339021 -.9626555041340206
35400 -.7656913906139892 -.5703295212328892 -.9610532599950892
35500 -.7651897197609696 -.5708530949324979 -.9595263445894413
35600 -.764713757731413 -.5713545909117373 -.9580729245510887
35700 -.7642632666545128 -.5718353597290169 -.9566911735800088
35800 -.7638380094321399 -.572296744020496 -.9553792748437837
35900 -.7634377497388527 -.5727400761599605 -.9541354233177449
36000 -.7630622520218873 -.5731666760014194 -.9529578280423552
36100 -.7627112815011627 -.5735778487084967 -.9518447142938288
36200 -.7623846041692758 -.5739748826808839 -.9507943256576676
36300 -.7620819867915125 -.5743590475823599 -.9498049260006651
36400 -.7618031969058302 -.5747315924914979 -.9488748013201626
36500 -.7615480028228774 -.5750937441548307 -.948002261490924
36600 -.7613161736259779 -.5754467053730388 -.9471856418789171
36700 -.7611074791711362 -.5757916535056742 -.9464233048365982
36800 -.7609216900870459 -.5761297391024779 -.9457136410716139
36900 -.7607585777750726 -.5764620846670796 -.9450550708830656
37000 -.760617914409272 -.5767897835359389 -.944446045282605
37100 -.7604994729363699 -.5771138988994076 -.9438850469733322
37200 -.7604030270757886 -.5774354629287594 -.9433705912228177
37300 -.7603283513196174 -.5777554760379091 -.9429012266013257
37400 -.7602752209326382 -.5780749062576365 -.94247553560764
37500 -.7602434119523077 -.5783946887233669 -.9420921351812486
37600 -.7602327011887661 -.5787157252711939 -.9417496771063383
37700 -.7602428662248329 -.5790388841455471 -.9414468483041188
37800 -.760273685416015 -.5793649997973855 -.9411823710346445
37900 -.7603249378904956 -.5796948727783748 -.9409550030026164
38000 -.7603964035491382 -.5800292697360161 -.9407635373622603
38100 -.7604878630654927 -.5803689234696348 -.9406068026613505
38200 -.7605990978857868 -.5807145330859588 -.9404836626856149
38300 -.7607298902289302 -.5810667642111809 -.9403930162466796
38400 -.7608800230865154 -.5814262492775122 -.9403337968955185
38500 -.7610492802228163 -.5817935878650893 -.9403049725805432
38600 -.7612374461747866 -.5821693471064051 -.9403055452431681
38700 -.7614443062520634 -.5825540621304077 -.940334550373719
38800 -.7616696465369613 -.5829482365608685 -.9403910565130542
38900 -.7619132538844823 -.5833523430521241 -.9404741647168404
39000 -.7621749159223039 -.5837668238553619 -.9405830079892459
39100 -.7624544210507923 -.5841920914246503 -.9407167506769343
39200 -.7627515584429876 -.5846285290435533 -.9408745878424218
39300 -.7630661180446168 -.5850764914783242 -.9410557446109094
39400 -.7633978905740829 -.5855363056449544 -.9412594755032114
39500 -.7637466675224751 -.5860082713042161 -.9414850637407342
39600 -.7641122411535646 -.5864926617549407 -.9417318205521884
39700 -.7644944045037971 -.5869897245472934 -.9419990844603009
39800 -.7648929513823104 -.5874996821993765 -.9422862205652442
39900 -.7653076763709132 -.5880227329201354 -.9425926198216911
40000 -.7657383748241042 -.5885590513335286 -.9429176983146799
40100 -.7661848428690561 -.5891087892027529 -.9432608965353593
40200 -.7666468774056313 -.5896720761575045 -.9436216786537581
40300 -.7671242761063635 -.5902490204101259 -.943999531802601
40400 -.767616837416479 -.590839709473143 -.944393965359815
40500 -.7681243605538763 -.5914442108733342 -.9448045102344185
40600 -.7686466455091401 -.5920625728482731 -.945230718170007
40700 -.7691834930455361 -.5926948250458275 -.9456721610452448
40800 -.7697347046990085 -.5933409792114848 -.9461284301865323
40900 -.7703000827781903 -.5940010298575054 -.9465991356988752
41000 -.770879430364385 -.5946749549367906 -.9470839057919794
41100 -.7714725513115878 -.5953627164915178 -.9475823861316577
41200 -.7720792502464675 -.596064261299269 -.948094239193666
41300 -.7726993325683805 -.5967795215042935 -.9486191436324676
41400 -.7733326044493622 -.5975084152345199 -.9491567936642046
41500 -.7739788728341293 -.5982508472094661 -.9497068984587924
41600 -.774637945440078 -.5990067093340465 -.9502691815461095
41700 -.7753096307572899 -.5997758812828436 -.9508433802317361
41800 -.7759937380485242 -.6005582310608711 -.9514292450361773
41900 -.7766900773492259 -.6013536155672917 -.9520265391311601
42000 -.7773984594675167 -.6021618811344231 -.9526350378006103
42100 -.7781186959842032 -.6029828640620247 -.9532545279063818
42200 -.778850599252773 -.6038163911281265 -.9538848073774195
42300 -.7795939823993911 -.6046622801001406 -.9545256846986417
42400 -.7803486593229103 -.6055203402303261 -.9551769784154945
42500 -.7811144446948617 -.606390372726006 -.9558385166637173
42600 -.7818911539594582 -.607272171230967 -.9565101366879494
42700 -.7826786033335908 -.6081655222746656 -.9571916843925161
42800 -.7834766098068409 -.6090702057209698 -.9578830138927119
42900 -.784284991141458 -.6099859952021616 -.9585839870807544
43000 -.7851035658723873 -.6109126585415336 -.9592944732032409
43100 -.7859321533072445 -.6118499581649719 -.9600143484495172
43200 -.7867705735263351 -.6127976515066181 -.960743495546052
43300 -.787618647382639 -.613755491393567 -.961481803371711
43400 -.788476196501819 -.6147232264298397 -.9622291665737983
43500 -.789343043282223 -.6157006013689389 -.9629854851955072
43600 -.790219010894877 -.6166873574721661 -.9637506643175879
43700 -.7911039232834929 -.6176832328608306 -.9645246137061552
43800 -.7919976051644573 -.618687962855734 -.9653072474731805
43900 -.7928998820268431 -.6197012803144827 -.9660984837392036
44000 -.7938105801324034 -.6207229159498553 -.9668982443149514
44100 -.7947295265155734 -.6217525986456137 -.967706454385533
44200 -.7956565489834659 -.6227900557665733 -.9685230422003586
44300 -.796591476115881 -.6238350134500282 -.9693479387817338
44400 -.7975341372652975 -.62488719689592 -.9701810776346751
44500 -.7984843625568763 -.6259463306506786 -.9710223944630739
44600 -.7994419828884549 -.6270121388756387 -.9718718269012712
44700 -.8004068299305609 -.6280843456141648 -.972729314246957
44800 -.8013787361263998 -.6291626750439558 -.9735947972088437
44900 -.8023575346918521 -.6302468517333799 -.9744682176503243
45000 -.8033430596154882 -.6313366008739536 -.9753495183570229
45100 -.8043351456585597 -.632431648517055 -.9762386428000643
45200 -.8053336283549952 -.6335317218046013 -.9771355349053892
45300 -.806338344011404 -.6346365491779125 -.9780401388448956
45400 -.8073491297070829 -.6357458605967115 -.9789523988174544
45500 -.8083658232940041 -.6368593877406469 -.9798722588473613
45600 -.8093882633968283 -.6379768642034909 -.9807996625901658
45700 -.810416289412885 -.6390980256831111 -.9817345531426589
45800 -.8114497415122042 -.6402226101703592 -.9826768728540491
45900 -.8124884606374772 -.6413503581135549 -.9836265631613994
46000 -.8135322885040865 -.6424810125909145 -.9845835644172586
46100 -.8145810676001026 -.6436143194779667 -.9855478157222386
46200 -.8156346411862685 -.644750027591969 -.986519254780568
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74100 -.9227049044165323 -.6571461940104018 -1.188263614822663
74200 -.9217921580519572 -.654906588559039 -1.188677727544875
74300 -.9208707768586777 -.6526530450748276 -1.189088508642528
74400 -.9199408219935794 -.6503858889677281 -1.189495755019431
74500 -.9190023553862758 -.6481054484444358 -1.189899262328116
74600 -.9180554397390441 -.6458120544119779 -1.19029882506611
74700 -.9171001385268482 -.6435060403943962 -1.1906942366593
74800 -.9161365159973052 -.6411877424085637 -1.191085289586047
74900 -.9151646371707614 -.638857498883494 -1.191471775458029
75000 -.9141845678402074 -.636515650570336 -1.191853485110079

.      * 3 year;
.    restore;

.    for num 88 90 91 93 94 96 97 99 100 102 103 : drop if year == X;

->  drop if year == 88
(0 observations deleted)

->  drop if year == 90
(231 observations deleted)

->  drop if year == 91
(231 observations deleted)

->  drop if year == 93
(241 observations deleted)

->  drop if year == 94
(241 observations deleted)

->  drop if year == 96
(241 observations deleted)

->  drop if year == 97
(241 observations deleted)

->  drop if year == 99
(241 observations deleted)

->  drop if year == 100
(241 observations deleted)

->  drop if year == 102
(241 observations deleted)

->  drop if year == 103
(241 observations deleted)

.    drop if year > 101;
(252 observations deleted)

.    by nhid : egen c = count(c_l_ass_sch_rtot);

.    tab c;

          c |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |         19        1.99        1.99
          2 |         12        1.26        3.25
          4 |        924       96.75      100.00
------------+-----------------------------------
      Total |        955      100.00

.    gen balance = (c == 4);

.    drop c;

.    tsset nhid year;
       panel variable:  nhid (unbalanced)
        time variable:  year, 92 to 101, but with gaps
                delta:  1 unit

.    sort nhid year;

.       sum sf3_hmi if admr_200 & balance & year == 101, det;

                    census:median income
-------------------------------------------------------------
      Percentiles      Smallest
 1%        31570          29647
 5%        34949          31570
10%        36853          32244       Obs                 161
25%        42500          32250       Sum of Wgt.         161

50%        49018                      Mean           51571.55
                        Largest       Std. Dev.      12805.23
75%        59688          84392
90%        68608          89384       Variance       1.64e+08
95%        73302          92847       Skewness       .8329107
99%        92847          94794       Kurtosis       3.613009

.        ivreg s3.c_l_ass_sch_rtot 
>         (s3.c_edg_snp_rtot   s3.c_edg_snp_rtot_hmi1   s3.c_edg_snp_rtot_hmi2   s3.c_edg_snp_rtot_hmi3   s3.c_edg_snp_rtot_hmi4   s3.c_exc_rtot   c_utax4_rtot   c_rrev_rtot = 
>          s3.c_edg_snp_rtot98 s3.c_edg_snp_rtot98_hmi1 s3.c_edg_snp_rtot98_hmi2 s3.c_edg_snp_rtot98_hmi3 s3.c_edg_snp_rtot98_hmi4 s3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98) 
>          c_stnobuild101_rtot yearfe*  
>          if admr_200 & balance & year == 101, cluster(d_nhid) first;

First-stage regressions
-----------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) =  874.98
       Model |  85302882.3     9  9478098.03           Prob > F      =  0.0000
    Residual |  1635685.04   151  10832.3512           R-squared     =  0.9812
-------------+------------------------------           Adj R-squared =  0.9801
       Total |  86938567.3   160  543366.046           Root MSE      =  104.08

------------------------------------------------------------------------------
S3.          |
c_edg_snp_~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |  -.0696839   .1393431    -0.50   0.618    -.3449979    .2056302
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   1.840439    .973356     1.89   0.061    -.0827166    3.763595
             |
c_edg~8_hmi1 |
         S3. |  -.0000676   .0000718    -0.94   0.348    -.0002095    .0000743
             |
c_edg~8_hmi2 |
         S3. |   2.07e-09   1.93e-09     1.07   0.284    -1.74e-09    5.87e-09
             |
c_edg~8_hmi3 |
         S3. |  -2.75e-14   2.22e-14    -1.24   0.218    -7.13e-14    1.64e-14
             |
c_edg~8_hmi4 |
         S3. |   1.29e-19   9.27e-20     1.39   0.167    -5.45e-20    3.12e-19
             |
c_exc_rtot98 |
         S3. |   .0055098   .0135774     0.41   0.685    -.0213164     .032336
             |
c_utax4_r~98 |   .0593436    .135152     0.44   0.661    -.2076896    .3263767
c_rrev_rt~98 |   .0986353   .1372596     0.72   0.473     -.172562    .3698326
       _cons |  -21.19756   27.62743    -0.77   0.444     -75.7838    33.38869
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) =  872.02
       Model |  2.2310e+17     9  2.4789e+16           Prob > F      =  0.0000
    Residual |  4.2926e+15   151  2.8428e+13           R-squared     =  0.9811
-------------+------------------------------           Adj R-squared =  0.9800
       Total |  2.2740e+17   160  1.4212e+15           Root MSE      =  5.3e+06

------------------------------------------------------------------------------
S3.          |
c_edg~t_hmi1 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |  -5691.132   7138.288    -0.80   0.427    -19794.95     8412.69
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   54779.39    49863.2     1.10   0.274    -43740.27      153299
             |
c_edg~8_hmi1 |
         S3. |  -3.652905   3.679421    -0.99   0.322     -10.9227    3.616891
             |
c_edg~8_hmi2 |
         S3. |   .0001466   .0000987     1.49   0.139    -.0000483    .0003415
             |
c_edg~8_hmi3 |
         S3. |  -1.97e-09   1.14e-09    -1.73   0.086    -4.21e-09    2.79e-10
             |
c_edg~8_hmi4 |
         S3. |   9.22e-15   4.75e-15     1.94   0.054    -1.64e-16    1.86e-14
             |
c_exc_rtot98 |
         S3. |   366.0467   695.5435     0.53   0.599    -1008.207    1740.301
             |
c_utax4_r~98 |   1534.499   6923.582     0.22   0.825    -12145.11     15214.1
c_rrev_rt~98 |   3493.177   7031.551     0.50   0.620    -10399.75    17386.11
       _cons |   -1021344    1415301    -0.72   0.472     -3817694     1775007
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) = 1222.72
       Model |  9.8817e+26     9  1.0980e+26           Prob > F      =  0.0000
    Residual |  1.3559e+25   151  8.9797e+22           R-squared     =  0.9865
-------------+------------------------------           Adj R-squared =  0.9857
       Total |  1.0017e+27   160  6.2608e+24           Root MSE      =  3.0e+11

------------------------------------------------------------------------------
S3.          |
c_edg~t_hmi2 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |  -4.19e+08   4.01e+08    -1.04   0.298    -1.21e+09    3.74e+08
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   4.19e+09   2.80e+09     1.49   0.137    -1.35e+09    9.72e+09
             |
c_edg~8_hmi1 |
         S3. |  -359015.3   206794.8    -1.74   0.085    -767600.2    49569.68
             |
c_edg~8_hmi2 |
         S3. |   12.25357   5.545109     2.21   0.029     1.297549    23.20959
             |
c_edg~8_hmi3 |
         S3. |  -.0001491   .0000639    -2.33   0.021    -.0002754   -.0000229
             |
c_edg~8_hmi4 |
         S3. |   6.88e-10   2.67e-10     2.58   0.011     1.61e-10    1.22e-09
             |
c_exc_rtot98 |
         S3. |   2.45e+07   3.91e+07     0.63   0.532    -5.28e+07    1.02e+08
             |
c_utax4_r~98 |   2.64e+07   3.89e+08     0.07   0.946    -7.42e+08    7.95e+08
c_rrev_rt~98 |   1.33e+08   3.95e+08     0.34   0.738    -6.48e+08    9.14e+08
       _cons |  -5.62e+10   7.95e+10    -0.71   0.481    -2.13e+11    1.01e+11
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) = 1825.24
       Model |  5.6060e+36     9  6.2289e+35           Prob > F      =  0.0000
    Residual |  5.1531e+34   151  3.4126e+32           R-squared     =  0.9909
-------------+------------------------------           Adj R-squared =  0.9903
       Total |  5.6575e+36   160  3.5359e+34           Root MSE      =  1.8e+16

------------------------------------------------------------------------------
S3.          |
c_edg~t_hmi3 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |  -2.89e+13   2.47e+13    -1.17   0.244    -7.78e+13    2.00e+13
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   3.30e+14   1.73e+14     1.91   0.058    -1.17e+13    6.71e+14
             |
c_edg~8_hmi1 |
         S3. |  -2.80e+10   1.27e+10    -2.20   0.030    -5.32e+10   -2.82e+09
             |
c_edg~8_hmi2 |
         S3. |   864477.4   341841.3     2.53   0.012     189067.7     1539887
             |
c_edg~8_hmi3 |
         S3. |  -10.24853   3.939514    -2.60   0.010    -18.03222   -2.464843
             |
c_edg~8_hmi4 |
         S3. |    .000051   .0000165     3.10   0.002     .0000185    .0000835
             |
c_exc_rtot98 |
         S3. |   1.68e+12   2.41e+12     0.70   0.486    -3.08e+12    6.45e+12
             |
c_utax4_r~98 |  -3.11e+11   2.40e+13    -0.01   0.990    -4.77e+13    4.71e+13
c_rrev_rt~98 |   5.45e+12   2.44e+13     0.22   0.823    -4.27e+13    5.36e+13
       _cons |  -3.57e+15   4.90e+15    -0.73   0.468    -1.33e+16    6.12e+15
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) = 2568.42
       Model |  3.5333e+46     9  3.9259e+45           Prob > F      =  0.0000
    Residual |  2.3081e+44   151  1.5285e+42           R-squared     =  0.9935
-------------+------------------------------           Adj R-squared =  0.9931
       Total |  3.5564e+46   160  2.2228e+44           Root MSE      =  1.2e+21

------------------------------------------------------------------------------
S3.          |
c_edg~t_hmi4 |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |  -1.90e+18   1.66e+18    -1.15   0.254    -5.17e+18    1.37e+18
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   2.53e+19   1.16e+19     2.19   0.030     2.42e+18    4.81e+19
             |
c_edg~8_hmi1 |
         S3. |  -2.12e+15   8.53e+14    -2.48   0.014    -3.81e+15   -4.34e+14
             |
c_edg~8_hmi2 |
         S3. |   6.44e+10   2.29e+10     2.81   0.006     1.92e+10    1.10e+11
             |
c_edg~8_hmi3 |
         S3. |    -822527   263655.7    -3.12   0.002     -1343458   -301596.5
             |
c_edg~8_hmi4 |
         S3. |   4.652333   1.101034     4.23   0.000     2.476912    6.827755
             |
c_exc_rtot98 |
         S3. |   1.21e+17   1.61e+17     0.75   0.455    -1.98e+17    4.39e+17
             |
c_utax4_r~98 |  -5.32e+16   1.61e+18    -0.03   0.974    -3.23e+18    3.12e+18
c_rrev_rt~98 |   2.51e+17   1.63e+18     0.15   0.878    -2.97e+18    3.47e+18
       _cons |  -2.60e+20   3.28e+20    -0.79   0.429    -9.09e+20    3.88e+20
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) =12803.09
       Model |  77229442.8     9   8581049.2           Prob > F      =  0.0000
    Residual |  101205.145   151  670.232746           R-squared     =  0.9987
-------------+------------------------------           Adj R-squared =  0.9986
       Total |  77330647.9   160  483316.549           Root MSE      =  25.889

------------------------------------------------------------------------------
S3.          |
  c_exc_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |   .0090535   .0346607     0.26   0.794    -.0594291     .077536
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   .0488852   .2421158     0.20   0.840     -.429487    .5272574
             |
c_edg~8_hmi1 |
         S3. |  -3.48e-06   .0000179    -0.19   0.846    -.0000388    .0000318
             |
c_edg~8_hmi2 |
         S3. |   9.99e-11   4.79e-10     0.21   0.835    -8.47e-10    1.05e-09
             |
c_edg~8_hmi3 |
         S3. |  -1.22e-15   5.52e-15    -0.22   0.826    -1.21e-14    9.69e-15
             |
c_edg~8_hmi4 |
         S3. |   5.32e-21   2.31e-20     0.23   0.818    -4.02e-20    5.09e-20
             |
c_exc_rtot98 |
         S3. |   .9789147   .0033773   289.85   0.000     .9722419    .9855876
             |
c_utax4_r~98 |   .0221347   .0336182     0.66   0.511     -.044288    .0885574
c_rrev_rt~98 |  -.0183763   .0341424    -0.54   0.591    -.0858348    .0490823
       _cons |  -10.03435   6.872139    -1.46   0.146    -23.61232    3.543612
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) = 2530.80
       Model |  766299.789     9   85144.421           Prob > F      =  0.0000
    Residual |  5080.13014   151   33.643246           R-squared     =  0.9934
-------------+------------------------------           Adj R-squared =  0.9930
       Total |  771379.919   160  4821.12449           Root MSE      =  5.8003

------------------------------------------------------------------------------
c_utax4_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |  -.0181317   .0077656    -2.33   0.021    -.0334749   -.0027885
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   .0486132   .0542449     0.90   0.372    -.0585639    .1557903
             |
c_edg~8_hmi1 |
         S3. |  -3.46e-06   4.00e-06    -0.87   0.388    -.0000114    4.44e-06
             |
c_edg~8_hmi2 |
         S3. |   9.41e-11   1.07e-10     0.88   0.382    -1.18e-10    3.06e-10
             |
c_edg~8_hmi3 |
         S3. |  -1.13e-15   1.24e-15    -0.91   0.362    -3.57e-15    1.31e-15
             |
c_edg~8_hmi4 |
         S3. |   4.92e-21   5.17e-21     0.95   0.342    -5.28e-21    1.51e-20
             |
c_exc_rtot98 |
         S3. |  -.0001484   .0007567    -0.20   0.845    -.0016434    .0013466
             |
c_utax4_r~98 |   .9998929    .007532   132.75   0.000     .9850111    1.014775
c_rrev_rt~98 |   .0297266   .0076495     3.89   0.000     .0146128    .0448404
       _cons |  -2.174071   1.539671    -1.41   0.160    -5.216152    .8680103
------------------------------------------------------------------------------

      Source |       SS       df       MS              Number of obs =     161
-------------+------------------------------           F(  9,   151) = 1414.66
       Model |  864599.778     9   96066.642           Prob > F      =  0.0000
    Residual |  10254.1259   151  67.9081187           R-squared     =  0.9883
-------------+------------------------------           Adj R-squared =  0.9876
       Total |  874853.904   160   5467.8369           Root MSE      =  8.2406

------------------------------------------------------------------------------
 c_rrev_rtot |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_stn~1_rtot |   .0006822   .0110328     0.06   0.951    -.0211164    .0224807
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
             |
c_e~p_rtot98 |
         S3. |   .1004055   .0770675     1.30   0.195    -.0518644    .2526753
             |
c_edg~8_hmi1 |
         S3. |  -7.26e-06   5.69e-06    -1.28   0.203    -.0000185    3.97e-06
             |
c_edg~8_hmi2 |
         S3. |   1.94e-10   1.52e-10     1.27   0.206    -1.08e-10    4.95e-10
             |
c_edg~8_hmi3 |
         S3. |  -2.25e-15   1.76e-15    -1.28   0.203    -5.72e-15    1.22e-15
             |
c_edg~8_hmi4 |
         S3. |   9.46e-21   7.34e-21     1.29   0.199    -5.04e-21    2.40e-20
             |
c_exc_rtot98 |
         S3. |   -.000868    .001075    -0.81   0.421    -.0029921     .001256
             |
c_utax4_r~98 |   .0180037   .0107009     1.68   0.095    -.0031392    .0391466
c_rrev_rt~98 |   1.034949   .0108678    95.23   0.000     1.013476    1.056422
       _cons |  -3.624074   2.187459    -1.66   0.100    -7.946054     .697905
------------------------------------------------------------------------------


Instrumental variables (2SLS) regression               Number of obs =     161
                                                       F(  6,   123) =       .
                                                       Prob > F      =  0.0000
                                                       R-squared     =  0.4250
                                                       Root MSE      =  717.58

                               (Std. Err. adjusted for 124 clusters in d_nhid)
------------------------------------------------------------------------------
S3.          |               Robust
c_l_ass_sc~t |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
c_edg_snp_~t |
         S3. |  -5.927866   5.447649    -1.09   0.279    -16.71115    4.855422
             |
c_edg~t_hmi1 |
         S3. |   .0003641   .0004016     0.91   0.366    -.0004309    .0011592
             |
c_edg~t_hmi2 |
         S3. |  -9.24e-09   1.07e-08    -0.86   0.391    -3.05e-08    1.20e-08
             |
c_edg~t_hmi3 |
         S3. |   9.77e-14   1.23e-13     0.79   0.429    -1.46e-13    3.42e-13
             |
c_edg~t_hmi4 |
         S3. |  -3.69e-19   5.11e-19    -0.72   0.472    -1.38e-18    6.43e-19
             |
  c_exc_rtot |
         S3. |  -.1087661   .0868313    -1.25   0.213    -.2806434    .0631111
             |
c_utax4_rtot |   .4372477   .6806647     0.64   0.522    -.9100862    1.784582
 c_rrev_rtot |   .5358994   .8306656     0.65   0.520    -1.108352    2.180151
c_stn~1_rtot |   .2014466   .9754595     0.21   0.837    -1.729416    2.132309
     yearfe1 |  (omitted)
     yearfe2 |  (omitted)
     yearfe3 |  (omitted)
     yearfe4 |  (omitted)
     yearfe5 |  (omitted)
     yearfe6 |  (omitted)
     yearfe7 |  (omitted)
     yearfe8 |  (omitted)
     yearfe9 |  (omitted)
    yearfe10 |  (omitted)
    yearfe11 |  (omitted)
    yearfe12 |  (omitted)
    yearfe13 |  (omitted)
    yearfe14 |  (omitted)
    yearfe15 |  (omitted)
       _cons |   668.0336   248.2059     2.69   0.008     176.7253    1159.342
------------------------------------------------------------------------------
Instrumented:  S3.c_edg_snp_rtot S3.c_edg_snp_rtot_hmi1
               S3.c_edg_snp_rtot_hmi2 S3.c_edg_snp_rtot_hmi3
               S3.c_edg_snp_rtot_hmi4 S3.c_exc_rtot c_utax4_rtot c_rrev_rtot
Instruments:   c_stnobuild101_rtot yearfe1 yearfe2 yearfe3 yearfe4 yearfe5
               yearfe6 yearfe7 yearfe8 yearfe9 yearfe10 yearfe11 yearfe12
               yearfe13 yearfe14 yearfe15 S3.c_edg_snp_rtot98
               S3.c_edg_snp_rtot98_hmi1 S3.c_edg_snp_rtot98_hmi2
               S3.c_edg_snp_rtot98_hmi3 S3.c_edg_snp_rtot98_hmi4
               S3.c_exc_rtot98 c_utax4_rtot98 c_rrev_rtot98
------------------------------------------------------------------------------

.  foreach fh of numlist 35000(100)75000 {;
  2.   quietly {;
  3.       local `fh'_2 = `fh'^2;
  4.    local `fh'_3 = `fh'^3;
  5.    local `fh'_4 = `fh'^4;
  6.     test ((s3.c_edg_snp_rtot) + (s3.c_edg_snp_rtot_hmi1*`fh') + (s3.c_edg_snp_rtot_hmi2*(``fh'_2')) + (s3.c_edg_snp_rtot_hmi3*(``fh'_3')) + 
>          (s3.c_edg_snp_rtot_hmi4*(``fh'_4'))) = 0;
  7.    local b_`fh'       = ((_b[s3.c_edg_snp_rtot]) + (_b[s3.c_edg_snp_rtot_hmi1]*`fh') + (_b[s3.c_edg_snp_rtot_hmi2]*(``fh'_2')) + 
>                         (_b[s3.c_edg_snp_rtot_hmi3]*(``fh'_3')) + (_b[s3.c_edg_snp_rtot_hmi4]*(``fh'_4')));
  8.    local u95b_`fh'    = `b_`fh'' + 1.96*abs(`b_`fh''/r(F)^.5);
  9.    local l95b_`fh'    = `b_`fh'' - 1.96*abs(`b_`fh''/r(F)^.5);
 10.    };
 11.   disp "`fh' `b_`fh'' `u95b_`fh'' `l95b_`fh''";
 12.   };
35000 -.8682885847881433 -.6657922255343139 -1.070784944041973
35100 -.8670019666572193 -.6652038564966719 -1.068800076817767
35200 -.8657489418130113 -.6645834837725435 -1.066914399853479
35300 -.8645292351066908 -.6639330894426131 -1.065125380770769
35400 -.8633425722742027 -.663254655170378 -1.063430489378028
35500 -.8621886799362489 -.6625501570981002 -1.061827202774398
35600 -.8610672855982934 -.6618215609151991 -1.060313010281388
35700 -.8599781176505686 -.6610708171273184 -1.058885418173819
35800 -.8589209053680645 -.6602998565618901 -1.057541954174239
35900 -.8578953789105352 -.6595105861210057 -1.056280171700065
36000 -.8569012693224998 -.6587048848069815 -1.055097653838018
36100 -.8559383085332343 -.6578846000365988 -1.05399201702987
36200 -.8550062293567832 -.6570515442490774 -1.052960914464489
36300 -.8541047654919546 -.6562074918160907 -1.052002039167818
36400 -.8532336515223164 -.6553541762587438 -1.051113126785889
36500 -.8523926229161943 -.6544932877669912 -1.050291958065397
36600 -.8515814160266845 -.6536264710205568 -1.049536361032812
36700 -.8507997680916469 -.6527553233057306 -1.048844212877563
36800 -.8500474172336979 -.6518813929183728 -1.048213441549023
36900 -.8493241024602186 -.6510061778387124 -1.047642027081725
37000 -.8486295636633544 -.6501311246762942 -1.047128002650415
37100 -.8479635416200118 -.6492576278573553 -1.046669455382668
37200 -.8473257779918626 -.6483870290556024 -1.046264526928123
37300 -.8467160153253407 -.6475206168393796 -1.045911413811302
37400 -.8461339970516398 -.6466596265229335 -1.045608367580346
37500 -.8455794674867194 -.6458052402120458 -1.045353694761393
37600 -.8450521718312969 -.6449585870174823 -1.045145756645111
37700 -.8445518561708614 -.6441207434346113 -1.044982968907112
37800 -.8440782674756581 -.6432927338571374 -1.044863801094179
37900 -.8436311536006951 -.6424755312276622 -1.044786775973728
38000 -.8432102632857466 -.6416700577947567 -1.044750468776736
38100 -.8428153461553447 -.6408771859819087 -1.044753506328781
38200 -.8424461527187898 -.6400977393310463 -1.044794566106533
38300 -.8421024343701421 -.6393324935318111 -1.044872375208473
38400 -.8417839433882232 -.6385821775157824 -1.044985709260664
38500 -.8414904329366197 -.6378474745943581 -1.045133391278881
38600 -.8412216570636796 -.6371290236558325 -1.045314290471527
38700 -.8409773707025177 -.6364274203897842 -1.045527321015251
38800 -.8407573296710037 -.6357432185368539 -1.045771440805153
38900 -.8405612906717781 -.6350769311613655 -1.046045650182191
39000 -.8403890112922405 -.634429031943653 -1.046348990640828
39100 -.8402402500045482 -.6337999564659438 -1.046680543543153
39200 -.8401147661656324 -.6331901035102987 -1.047039428820966
39300 -.8400123200171801 -.6325998363505152 -1.047424803683845
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39600 -.8398408234029175 -.6309496766155748 -1.04873197019026
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39800 -.8398373250243215 -.6299526770848943 -1.049721972963749
39900 -.8398681196408059 -.6294857249776482 -1.050250514303964
40000 -.8399202984129239 -.6290400133410587 -1.050800583484789
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41000 -.8415674630054177 -.6257670930785411 -1.057367832932294
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41700 -.8438570755680903 -.6247496083495661 -1.062964542786615
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.   log close;
      name:  <unnamed>
       log:  /lcl/fa/proj2/nh/work/post_Restat/final_062308.log
  log type:  text
 closed on:  14 Dec 2010, 20:41:47
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